H.B. 2507 Summary

• Establishes two new refundable income tax credits for taxpayers engaged in development and manufacturing of energy storage batteries in Hawaii.

• Photovoltaic storage battery credit applies to costs for equipment, supplies, and employee training used in developing and manufacturing batteries that store solar-generated electricity.

• Electric vehicle storage battery credit applies to costs for equipment, supplies, and employee training used in developing and manufacturing batteries for vehicles with four or more wheels and at least 4 kilowatt-hour capacity.

• Both credits are available for taxable years beginning after December 31, 2015, through December 31, 2025; excess credits exceeding tax liability are refunded to the taxpayer.

• Department of Business, Economic Development, and Tourism must certify qualified costs and credit amounts; Department of Taxation enforces the credits and may audit certifications.