STAND. COM. REP. NO. 1198-06

Honolulu, Hawaii

, 2006

RE: S.B. No. 2125

S.D. 2

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Energy & Environmental Protection, to which was referred S.B. No. 2125, S.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO TAX CREDITS,"

begs leave to report as follows:

The purpose of this measure is to provide an income tax credit for the purchase of "Energy Star" products for residential or commercial use.

Energy Star is a program sponsored by the Environmental Protection Agency and the federal Department of Energy to promote consumer and commercial equipment, products, and appliances that comply with energy efficiency program guidelines.

This measure provides a $50 income tax credit for purchases of Energy Star products with an aggregate retail price of at least $300.

Your Committee notes that the Department of Taxation testified that the revenue impact of this measure was approximately $250,000 for fiscal year 2008. However, your Committee wishes to clarify that the $250,000 revenue impact projected by the Department should have been for fiscal year 2007, rather than fiscal year 2008.

As affirmed by the record of votes of the members of your Committee on Energy & Environmental Protection that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2125, S.D. 2, and recommends that it pass Second Reading and be referred to the Committee on Finance.

 

Respectfully submitted on behalf of the members of the Committee on Energy & Environmental Protection,

 

____________________________

HERMINA MORITA, Chair