Categorized | Business, Energy

Renewable energy tax credit reform bill advances

State Capitol Building, Honolulu

MEDIA RELEASE

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Your email address will not be published.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

NASDAQ4733.379  chart+20.41
S&P 5002066.77  chart+3.27
^NYA11055.203  chart+29.463
^TNX2.337  chart+0.022
AAPL116.8682  chart+0.3982
FB73.69  chart-0.06
GOOG539.25  chart+1.75
INTC35.97  chart+0.38
MSFT47.52  chart-0.46
ORCL41.54  chart+0.10
QCOM71.59  chart+0.12
ALEX39.12  chart+0.13
BOH58.89  chart+0.41
BRN2.48  chart0.00
BYD11.84  chart+0.06
CAGU0.20  chart0.00
CPF19.37  chart+0.21
CYAN6.31  chart0.00
HA18.5701  chart+0.3601
HCOM26.99  chart+0.12
HE27.6599  chart+0.1499
MLP5.37  chart-0.06
MRPI0.0003  chart0.00
NNUT0.00  chartN/A
PLFF0.04  chart0.00
TBNK20.80  chart+0.05
TSO77.45  chart-0.28
Nov 24, 2014 / 9:55 am

 

 

Quantcast