HI HB2028

Exempts income from general excise tax and personal income tax for contractors and persons engaged in public-private partnerships with the Employees' Retirement System (ERS) to develop clean energy projects or water infrastructure improvements, up to an unspecified percentage of direct construction and operation costs.

Defines "direct costs of construction and operation" as materials, labor, equipment, and directly involved efforts or expenses, excluding general overhead costs.

Authorizes the ERS to make investments in public-private partnerships for clean energy technology projects or water supply improvements, including water facilities, wastewater treatment plants, and public water systems.

Income exclusions apply for each year of the anticipated useful life of the construction project.

Effective July 1, 2050 and applies to taxable years beginning after December 31, 2015.