HI HB202

Eliminates the renewable energy tax credit for commercial solar energy systems requiring a Public Utilities Commission-approved power purchase agreement for taxable years beginning after December 31, 2019, with an exception for systems with prior PUC approval or pending approval as of December 31, 2019.

Eliminates the renewable energy tax credit for commercial wind-powered energy systems for taxable years beginning after December 31, 2019, except for systems with PUC-approved power purchase agreements issued prior to December 31, 2019.

Increases the renewable energy tax credit cap amount for multi-family residential properties from $350 to $750 per unit for both solar water heating systems and other solar energy systems, and from $200 to $750 per unit for wind-powered energy systems.

Adds provision allowing solar energy systems integrated with pump hydroelectric energy storage systems to claim tax credits if project approval filings are submitted to the PUC by December 31, 2021.

Establishes December 31, 2045 as the final date for claiming renewable energy tax credits; effective July 1, 2050.