H.C.R. NO. 160 - Renewable Energy Tax Credit

• Request governor to require state agencies' non-general funds to reimburse the general fund for refundable tax credits claimed under HRS 235-12.5 (renewable energy technologies income tax credit) when contracts for renewable energy system installations are entered into after June 30, 2011.

• Apply reimbursement requirement when state agency non-general funds benefit from reduced electricity costs or increased lease revenues, and the contractor claims the refundable tax credit.

• Authorize governor to prohibit state agencies from entering such contracts if federal or state law prevents general fund reimbursement.

• Direct Director of Taxation and Director of Business, Economic Development, and Tourism to calculate refundable tax credits claimed by contractors for systems installed on state and county property between July 1, 2009 and December 31, 2011.

• Require Director of Finance to recommend whether general fund should be reimbursed for those credits and Director of Business, Economic Development, and Tourism to submit findings and recommendations to Legislature before 2012 Regular Session.