HOUSE OF REPRESENTATIVES

H.B. NO.

1870

TWENTY-SEVENTH LEGISLATURE, 2014

H.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO TAXATION.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§235-     Residential backup generator tax credit.  (a)  There shall be allowed to each individual taxpayer subject to the taxes imposed by this chapter, a residential backup generator tax credit that shall be deductible from the taxpayer's net income tax liability, if any, imposed by this chapter for the taxable year in which the credit is properly claimed.

     The amount of the credit shall be equal to          per cent of the actual cost of a new residential backup generator; provided that:

     (1)  The credit may be claimed only once per taxpayer; and

     (2)  The credit shall not include:

         (A)  The costs of installation or prefatory work required for installation of the generator; or

          (B)  Any costs for which another credit is claimed under this chapter.

The maximum allowable tax credit for a taxpayer shall be $          .

     (b)  For the purposes of this section:

     "Net income tax liability" means net income tax liability reduced by all other credits allowed under this chapter.

     "Residential backup generator" means an electrical generator purchased by a taxpayer and operated for the purpose of providing emergency power to the residence of the taxpayer who otherwise purchases power from a utility.

     (c)  The director of taxation shall prepare any forms that may be necessary to claim a tax credit under this section.  The director may also require the taxpayer to furnish reasonable information to ascertain the validity of the claim for credit made under this section and may adopt rules necessary to effectuate the purposes of this section pursuant to chapter 91.

     (d)  If the tax credit under this section exceeds the taxpayer's income tax liability, the excess of the credit over liability may be used as a credit against the taxpayer's income tax liability in subsequent years until exhausted.  All claims for the tax credit under this section, including amended claims, shall be filed on or before the end of the twelfth month following the close of the taxable year for which the credit may be claimed.  Failure to comply with this subsection shall constitute a waiver of the right to claim the credit."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect on July 1, 2030, and apply to taxable years beginning after December 31, 2013.


 


 

Report Title:

Residential Backup Generator Tax Credit

 

Description:

Establishes a nonrefundable income tax credit for taxpayers who purchase residential backup generators.  Effective 07/01/2030.  (HD1)

 

 

 

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