STAND. COM. REP. NO. 2911

Honolulu, Hawaii

RE: S.B. No. 2125

S.D. 2

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2125, S.D. 1, 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 purchases of "Energy Star" products.

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

Your Committee finds that many consumers are reluctant to purchase Energy Star products because of their typically higher initial purchase price. This tax credit will assist consumers with purchases of Energy Star products to ultimately reduce the State's dependence on fossil fuels, preserve Hawaii's delicate environment, and reduce the need for new electric generation capacity.

Your Committee has amended the bill by making technical amendments for purposes of clarity and style.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2125, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2125, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

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BRIAN T. TANIGUCHI, Chair