HI HB1472

Replaces the current renewable energy technology systems tax credit with separate tax credits for solar energy property and wind energy property under Hawaii Revised Statutes Section 235-12.5.

Establishes a 35% tax credit for solar water heating property with caps of $2,500 for single-family residential, $500 per unit for multi-family residential, and $250,000 for commercial property.

Provides graduated tax credits for solar electricity-generating property: 25% for property first placed in service between January 1, 2015 and December 31, 2015; 20% for January 1, 2016 through December 31, 2016; and 15% for property placed in service after December 31, 2016.

Establishes a 20% tax credit for wind energy property and clarifies that basis includes solar and wind property costs, accessories, energy storage, and installation, but excludes structural repairs like re-roofing unless directly related to supporting the equipment.

Requires the Department of Taxation and Department of Business, Economic Development, and Tourism to submit annual reports on renewable energy tax credits claimed and recommendations, with a comprehensive study due by December 31, 2017, on costs, benefits, and whether the credit should be continued, eliminated, or revised.