HI HB1135

Establishes a nonrefundable net energy metering tax credit for qualifying taxpayers, deductible from net income tax liability.

Credit amount equals the taxpayer's lapsed credits for excess electricity under section 269-106(b).

Excess credits over income tax liability may carry forward to subsequent taxable years until exhausted.

Applies to eligible customer-generators as defined in section 269-101 and requires claims be filed within twelve months following the close of the taxable year.

Effective for taxable years beginning after December 31, 2014.