HI SB350

Requires the Department of Taxation, in collaboration with the Department of Business, Economic Development, and Tourism, to submit a joint annual report to the legislature no later than 20 days before each regular session.

Joint report must include the number of renewable energy technology properties that qualified for tax credits in the previous four taxable years, broken down by technology type and entity type.

Joint report must document the total cost of renewable energy tax credits to the State during the past four taxable years, categorized by technology type, entity type, and whether credits are refundable or nonrefundable.

Joint report must estimate the economic benefit of renewable energy tax credits for the previous four years, including economic impact, general excise and income tax revenue generated, and job creation, maintenance, and loss data with average pay information.

Appropriates $100,000 to the Department of Taxation and $100,000 to the Department of Business, Economic Development, and Tourism for fiscal years 2015-2016 and 2016-2017 to cover costs of preparing and submitting the report.