HI HB1395

Expands the definition of "eligible business activity" in Hawaii's state enterprise zone program to include development or production of renewable energy beyond the previously limited wind energy provision.

Adds nine specific renewable energy sources to enterprise zone incentives: wind, solar, hydroelectric (falling water), biogas, geothermal, ocean energy (including tidal and wave), biomass, biofuels, and hydrogen from renewable sources.

Allows businesses engaged in these renewable energy activities to qualify for state enterprise zone tax incentives and regulatory flexibility to stimulate business growth and neighborhood revitalization.

Implements recommendations from a 2009 technology caucus work group convened by legislative leadership to enhance Hawaii's economy through science and technology industry development.

Takes effect upon approval.