HI SB2618

Allows individual and corporate taxpayers to claim a tax credit for installing renewable energy systems: 35% of actual cost for solar energy systems or 20% for wind-powered systems, up to a cap determined in subsection (b).

Permits system owners to assign, transfer, or sell their tax credit to the system seller or installer using a form prescribed by the department, with the credit then claimed by the seller or installer instead of the owner.

Clarifies that when an owner assigns their tax credit to a seller or installer to offset the initial system cost, the actual cost of the system shall not be reduced by the credit amount for purposes of calculating the credit.

Defines "owner" as the economic owner of the renewable energy technology system, who need not be the property owner, determined at the time the system is installed and placed in service.

Requires the director of taxation to prepare forms necessary to claim and assign, transfer, or sell the tax credit, with effective date of July 1, 2010.