If enacted, SB2654 would introduce significant amendments to Chapter 235 of the Hawaii Revised Statutes, establishing a new framework for tax credits linked to water conservation measures. The bill would allow taxpayers to claim credits against their state income tax for qualifying systems installed after July 1, 2022. Additionally, the legislation mandates the collection of data regarding the uptake of these systems and the fiscal impact of the tax credits on the state budget, ensuring transparecy and accountability in its implementation. These changes are anticipated to foster a greater culture of water conservation in the state, benefiting both the environment and the community.
Summary
SB2654, relating to water rationing, aims to incentivize the adoption of water conservation practices in Hawaii through an income tax credit for various eligible water rationing systems. The bill provides tax credits for individual and corporate taxpayers who install systems such as rain barrels, water catchment systems, and efficiency upgrades for home water systems. This legislation is particularly relevant as Hawaii faces ongoing challenges related to water resource management and sustainability, making water conservation a critical focus for the state government. By promoting the installation of these systems, the bill seeks to encourage broader participation in water-saving efforts across both residential and commercial properties.
Sentiment
The sentiment surrounding SB2654 appears to be predominantly positive, especially among environmental advocates and policymakers focused on sustainable resource management. Supporters argue that the proposed tax credits will not only enhance water conservation efforts but also alleviate some financial burdens for residents and businesses investing in these systems. However, there might be some contention regarding the potential fiscal implications of these tax credits on the state's budget, with concerns that they could lead to significant revenue loss if not carefully managed. These discussions highlight the ongoing debate between fiscal responsibility and environmental stewardship in state policy.
Contention
Notable points of contention include the caps on the tax credit amounts, which have yet to be clearly defined, leading to questions about how much financial incentive will actually be available to taxpayers. Moreover, the implementation timeline specifies that the bill will take effect in 2050, which may delay immediate water management solutions. This long horizon raises concerns among stakeholders about the urgency of current water conservation needs versus the proposed incentives. Overall, while the bill is largely supported, its practical execution and financial implications will be crucial points of discussion among lawmakers and constituents.
Senate Substitute for HCR 5011 by Committee on Assessment and Taxation - Proposing to amend section 1 of article 11 of the constitution of the state of Kansas to limit property tax valuation increases for real property and personal property classified as mobile homes.