Bill Text: HI SB2797 | 2024 | Regular Session | Introduced
Bill Title: Relating To Water Catchment.
Spectrum: Moderate Partisan Bill (Democrat 8-1)
Status: (Introduced - Dead) 2024-02-14 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [SB2797 Detail]
Download: Hawaii-2024-SB2797-Introduced.html
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THE SENATE |
S.B. NO. |
2797 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to water catchment.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that water is essential
to life and flourishing local communities.
Yet some communities, such as portions of the Ka‘ū
region of Hawai‘i Island, lack access to municipal
water infrastructure, leaving residents to rely on water catchment systems that
are filled through water subscription services to meet their basic needs. Notably, areas that lack water resources are
often highly impoverished, creating conditions in which a lack of water access
worsens preexisting economic precarity.
The legislature additionally finds that water catchment systems can be cost-effective, reliable, and safe fresh water sources that reduce consumer demand on existing fresh water. Water catchment systems can promote water conservation; mitigate flooding; and conserve energy needed to pump, treat, and transport fresh water for consumer use.
The purpose of this Act is to provide a refundable income tax credit for homeowners who install, place into service, or maintain a water catchment system on residential properties.
SECTION 2. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§235- Water
catchment tax credit. (a) Each
qualified taxpayer who files an individual income tax return for a taxable year
may claim a refundable income tax credit of $250 against the taxpayer's net
income tax liability for the taxable year for which the income tax return is
being filed.
(b) The
director of taxation shall prepare any forms that may be necessary to claim a
tax credit under this section. The
director may also require the taxpayer to furnish reasonable information to
ascertain the validity of the claim for the credit and adopt rules, pursuant to
chapter 91, necessary to implement this section.
(c) Each
qualified taxpayer may claim no more than one tax credit under this section. The tax credit claimed by a taxpayer pursuant
to this section shall be deductible from the taxpayer's net income tax
liability, if any, for the tax year in which the tax credit is properly
claimed. If the tax credit claimed by a
taxpayer exceeds the amount of income tax payments due from the taxpayer, the
excess of credits over payments due shall be refunded to the taxpayer; provided
that tax credits properly claimed by an individual who has no income tax
liability shall be paid to the individual; provided further that no refunds or
payment on account of the tax credits allowed by this section shall be made for
amounts less than $1.
(d)
All claims for a tax credit under this section, including any amended
claims, shall be filed on or before the end of the twelfth month following the
close of the taxable year for which the credit may be claimed. Failure to comply with the foregoing
provision shall constitute a waiver of the right to claim the credit.
(e) As
used in this section, "qualified taxpayer" means a taxpayer who has
installed, placed in service, or maintained during the taxable year a water
catchment system with a minimum capacity of one thousand gallons on a
residential property located in the State that is owned by the taxpayer."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2024.
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INTRODUCED BY: |
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Report Title:
Water Conservation; Water Catchment; Income Tax Credit
Description:
Creates a refundable water catchment income tax credit for a homeowner who installs, places in service, or maintains a water catchment system meeting certain requirements on residential property in the State owned by the homeowner.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
