HI SB623

Provide income tax credits for renewable energy technologies on solar and wind energy properties, replacing previous credits for solar and wind energy systems, with specified eligibility requirements and credit amounts.

Amend the definition of "basis" to exclude costs incurred in construction or reconstruction of structures during installation and placement in service of solar or wind energy property, with clarifying examples.

Amend the definition of "property" to better conform to terminology used in the Internal Revenue Code.

Require the Department of Taxation, in collaboration with the Department of Business, Economic Development, and Tourism, to report to the Legislature regarding tax credits claimed for solar and wind energy properties.