CONFERENCE COMMITTEE REP. NO. 111-04

Honolulu, Hawaii

, 2004

RE: S.B. No. 3162

S.D. 1

H.D. 1

C.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Conference on the disagreeing vote of the Senate to the amendments proposed by the House of Representatives in S.B. No. 3162, S.D. 1, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO RENEWABLE ENERGY TECHNOLOGIES INCOME TAX CREDIT,"

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

The purpose of this measure is to clarify that financial institutions, partnerships, S corporations, estates, and trusts are eligible to claim a renewable energy technologies income tax credit and to allow any unused credit to be claimed in subsequent taxable years until exhausted.

Your Committee on Conference finds that incentives to encourage the development, production, and use of renewable energy are needed to reduce that State's dependence on fossil fuels. This measure clarifies and facilitates the taxpayers' ability to utilize one such incentive.

Your Committee on Conference amended the measure by correcting the defective effective date by making the measure effective upon approval and making the measure applicable to taxable years beginning after December 31, 2002.

As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of S.B. No. 3162, S.D. 1, H.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 3162, S.D. 1, H.D. 1, C.D. 1.

Respectfully submitted on behalf of the managers:

ON THE PART OF THE HOUSE

ON THE PART OF THE SENATE

____________________________

DWIGHT Y. TAKAMINE, Chair

____________________________

J. KALANI ENGLISH, Chair

____________________________

RUSSELL KOKUBUN, Co-Chair