HB 566 Summary

• Establishes a sunset date of January 1, 2017, for renewable energy technology systems to be eligible for Hawaii's income tax credit.

• Delays payout of refundable tax credits claimed during the 2012 tax year to begin July 1, 2013, shifting costs to the 2013-2014 fiscal year.

• Requires tax credits to be claimed in the taxable year that is two years following the year in which the system cost was incurred.

• Limits the renewable energy tax credit for individuals to residents of Hawaii only.

• Requires the Department of Business, Economic Development and Tourism to complete an assessment by October 1, 2014, evaluating the tax credit's impact on Hawaii's energy sector and recommending whether the credit should continue after 2016.