HI SB1198

Reduces income tax credit for solar water heating systems from 35% to 15% of qualified renewable energy technology expenditure and eliminates previous dollar amount caps.

Reduces income tax credit for wind energy property from 20% to 15% of qualified renewable energy technology expenditure and eliminates previous dollar amount caps.

Adds new 15% credit for all other solar energy property (non-water heating systems).

Excludes costs for electricity storage systems (such as back-up batteries) and structural repair/reconstruction costs from the definition of qualified renewable energy technology expenditure.

Changes the application period for the credit from ongoing to installations placed in service on or after July 1, 2009 and on or before December 31, 2016; applies to taxable years beginning after December 31, 2013.