STAND. COM. REP. NO.496-02
RE: H.B. No. 2237
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2002
State of Hawaii
Your Committee on Finance, to which was referred H.B. No. 2237, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO A HYDROELECTRIC TAX CREDIT,"
begs leave to report as follows:
The purpose of this bill is to encourage and support the generation of electricity by hydroelectric sources by providing a tax credit equal to twenty percent of the total cost of hydroelectric systems erected and placed in service after December 31, 2002, and before January 1, 2011.
Hawaiian Electric Company, Maui Electric Company, and Hawaii Electric Light Company testified in support of the bill. The Department of Business, Economic Development, and Tourism and Kauai Electric supported the intent of the measure. The Hawaii Renewable Energy Alliance testified in support of the intent of the bill but expressed concerns related to the findings of the Energy Efficiency Policy Task Force. The Department of Taxation and the Department of Budget and Finance testified in opposition to the bill. The Tax Foundation of Hawaii submitted comments on the measure.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2237, H.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
DWIGHT Y. TAKAMINE, Chair