HI SB650

Repeals section 235-12.5 of Hawaii Revised Statutes, which provided a renewable energy technology income tax credit of 35% for solar systems and 20% for wind systems with specified cap amounts.

Repeals section 241-4.6, which extended the renewable energy technology income tax credit to financial institutions tax purposes.

Removes the renewable energy technology income tax credit from the list of tax credits subject to review in section 23-92, leaving only the motion picture and digital media production credit for periodic review.

Relocates the definition of "renewable energy technology system" from the repealed section 235-12.5 to section 196-6.5, allowing continued use of renewable systems as a substitute to meet solar water heater requirements for new single-family dwellings.

Takes effect on January 1, 2018.