The Senate Committee on Transportation and Energy will hear several bills relating to energy tax credits and reaching Hawaiʻi's clean energy goals. Not all of these bills are good.
SB 361: Establishes an income tax credit for taxpayers who purchase and install eligible energy storage systems. The amount of credit depends on type of system installed, filing status, and federal AGI of taxpayer. Excess credit may carry-over to subsequent tax years or is refundable under certain conditions. Applies to taxable years after 12/31/2017. Amends reusable energy technologies tax credit to harmonize definitions. Submit testimony.
SB 365: Provides an investment income tax credit for energy storage property that receives, stores, and delivers energy. Requires DOTAX and DBEDT to submit annual reports to the legislature regarding the energy storage income tax credit. Requires DBEDT to complete a study on the impacts and benefits of the tax credit and its contribution to the State reaching its energy goals. Applies to taxable years after 12/31/16. Submit testimony.
SB 665: Replaces the current renewable energy technology systems tax credit with tax credits for solar energy property, wind energy property, and energy storage property. Applies to taxable years beginning after 12/31/2017. Submit testimony.