HI SB2933

Establishes an energy storage tax credit for utility scale energy storage property that stores electricity and is placed in service between January 1, 2015 and December 31, 2024.

Tax credit equals up to 20% of the property's basis, apportioned over four years of operation (8% in year one, 6% in year two, 4% in year three, 2% in year four).

Taxpayer must enter into an agreement with an electric utility between July 1, 2014 and December 31, 2020, and obtain certification from the Department of Business, Economic Development, and Tourism before claiming the credit.

Department of Business, Economic Development, and Tourism shall cease certifications when aggregate annual certifications reach $20,000,000, with remaining projects carried over to the next year.

Taxpayer may elect to reduce the credit by 30% and receive a refund of excess credits over income tax liability, and must file all credit claims within 12 months following the close of the taxable year.