HJ Mai, Energy Reporter for Pacific Business News reports on the current tax numbers and the future of the renewable energy technologies tax credit in Hawaii.
Hawaii taxpayers have claimed close to $100 million in tax credits in 2015, the latest year of data available in a new report from the state Department of Taxation.
“The report, which was published this month, shows that taxpayers filed the renewable energy technologies tax credit (RETTC) to the amount of $98.6 million during tax year 2015, making it the largest tax credit distributed by the state. The RETTC accounted for 32.4 percent of all tax credits distributed by the state, which totaled $303.9 million in 2015.”
Solar energy systems accounted for the large majority of the renewable energy tax credit. While the RETTC accounts for the largest percentage of ALL state tax credits, it has declined from its record level in 2012.
The end of net-energy metering in 2015 and the introduction of energy storage systems have prompted Hawaii lawmakers to propose new legislation, Senate Bill 665, to replace the RETTC with tax credits for solar or wind energy property and energy storage property. Energy storage and the future of the RETCC will be important topics in the 2018 legislative session.
To read the full article, visit: https://www.bizjournals.com/pacific/news/2017/12/28/hawaii-taxpayers-claim-close-to-100m-in-solar-tax.html