Categorized | Business, Energy

Renewable energy tax credit reform bill advances

State Capitol Building, Honolulu


The House Committee on Energy & Environmental Protection (EEP) adopted HB497, which will serve as the vehicle to thoroughly address the issue of using tax credits to maintain economic expansion and further promote renewable energy in a fiscally equitable way.

Under the proposed legislation, solar hot water incentives would remain a priority, with the tax credit cap for a single family dwelling increasing to $2500 per household and $500 per unit for multi-family residential properties.

Small wind projects (1 Megawatt or less) would be unaffected.

The tax credit for photovoltaic systems will be incrementally phased down from 30 percent of the actual cost to 15 percent over the next five years.

At that point, the Department of Business, Economic Development & Tourism (DBEDT) will provide a cost-benefit analysis of the incentive and help determine its future.

“What we’ve done here, is taken input from stakeholders on all sides of the issue to come up with a comprehensive solution that keeps the economy growing and continues to expand access to renewable energy in a fiscally responsible manner,” said EEP Chairman Chris Lee (Kailua, Waimanalo).

The measure will now advance to the Committee on Commerce and Consumer Affairs.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>



Become a fan on facebook

Photos on flickr

Stock Quotes

NASDAQ4468.70  chart+15.908
S&P 5001959.45  chart+8.63
^NYA10564.158  chart+44.878
^TNX2.269  chart-0.006
AAPL105.0201  chart+0.1901
FB79.68  chart-0.36
GOOG539.325  chart-4.655
INTC33.14  chart+0.45
MSFT45.72  chart+0.70
ORCL38.64  chart+0.41
QCOM75.8373  chart+0.6973
ALEX37.31  chart-0.79
BOH56.21  chart-0.05
BRN2.59  chart-0.002
BYD10.14  chart-0.15
CAGU0.22  chart0.00
CPF18.04  chart+0.02
CYAN4.78  chart+0.01
HA15.83  chart+0.05
HCOM26.79  chart-0.05
HE27.48  chart+0.23
MLP6.0101  chart-0.1499
MRPI0.0005  chart0.00
NNUT0.00  chartN/A
PLFF0.038  chart0.00
TBNK21.30  chart-0.01
TSO65.35  chart+0.06
Oct 24, 2014 / 12:09 pm