Hawaii House Bill HCR195

Hawaii 2024 Regular Session

• Introduced: 3/8/24
• Refer: 3/14/24

Caption

Requesting The Department Of Business, Economic Development, And Tourism To Propose Legislation That Establishes Tax Credits For Firm Renewable Electricity Generation.

Impact

The proposed legislation could significantly influence state energy policies by providing financial incentives for businesses to invest in and develop firm renewable energy projects. This shift includes not only solar but also other innovative energy sources, fostering a broader spectrum of renewable technologies. By creating tax credits for these projects, the state aims to encourage both commercial development and public interest in renewable energy, thereby accelerating the transition towards sustainable energy practices.

Summary

HCR195 is a House Concurrent Resolution introduced in the Thirty-second Legislature of Hawaii in 2024. The resolution requests the Department of Business, Economic Development, and Tourism to propose legislation that establishes tax credits for firm renewable electricity generation. The initiative is aligned with Hawaii's goal of achieving a one hundred percent Renewable Portfolio Standard by 2045, emphasizing the importance of reliable and sustainable energy sources for the state's grid stability and long-term financial viability.

Contention

One notable point of contention surrounding HCR195 involves the equity and effectiveness of tax credits as a means of promoting renewable energy. Critics might argue that without careful structuring, such incentives could disproportionately benefit larger corporations at the expense of smaller, local firms. Additionally, concerns may be raised regarding the long-term implications for ratepayers and whether these tax credits will indeed translate into lower energy costs or improved grid reliability. The successful implementation of HCR195 would depend heavily on how the proposed legislation addresses these potential disparities.