STAND. COM. REP. NO.  373

 

Honolulu, Hawaii

                , 2007

 

RE:   H.B. No. 506

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Sir:

 

     Your Committee on Energy & Environmental Protection, to which was referred H.B. No. 506 entitled:

 

"A BILL FOR AN ACT RELATING TO ETHANOL,"

 

begs leave to report as follows:

 

     The purpose of this bill is to extend the tax credit for a qualifying ethanol production facility from 2012 to 2017.

 

     Alexander & Baldwin, Inc. submitted testimony in support of this measure.  The Department of Business, Economic Development, and Tourism and the Department of Taxation offered comments.

 

     Currently, a taxpayer is entitled to a tax credit if the taxpayer's qualifying ethanol production facility is in production by January 1, 2012.  Your Committee finds that an extension of the tax credit to January 1, 2017 for qualified ethanol production facilities supports alternative energy resources and reduces the State's dependence on fossil fuels.

 

     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 H.B. No. 506 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