H.B. 1395 Summary

• Expands the definition of "eligible business activity" under Hawaii's enterprise zone program to include development or production of renewable energy from multiple sources.

• Adds nine categories of renewable energy to the existing wind energy provision: solar, hydroelectric (falling water), biogas, geothermal, ocean thermal energy conversion, biomass, biofuels, and hydrogen produced from renewable sources.

• Provides tax incentives and regulatory flexibility to renewable energy businesses locating in state enterprise zones to stimulate business growth and support Hawaii's renewable energy goals.

• Implements recommendations from a 2009 technology caucus work group convened to develop strategies for enhancing Hawaii's economy through science and technology industries.

• Takes effect upon approval.