| 41 | | - | WHEREAS, the achievement of the State's one hundred percent Renewable Portfolio Standard by 2045 is highly reliant on firm renewable energy generation; and WHEREAS, the State must continue to support utility-scale renewable energy projects that benefit residents and ratepayers; and WHEREAS, Act 207, Session Laws of Hawaii 2003, established the Renewable Energy Technologies Income Tax Credit to incentivize residential and commercial properties to install renewable energy technology in an attempt to bring the State closer to its one hundred percent Renewable Portfolio Standard goal; and WHEREAS, it has been almost twenty years since the establishment of the Renewable Energy Technologies Income Tax Credit for solar energy systems; and WHEREAS, it is time to start investing in new and innovative firm renewable sources of energy outside the scope of solar energy; and WHEREAS, the State must provide certainty and clarity for firm renewable generation projects to ensure their stability and long-term financial viability; and WHEREAS, the State should provide firm renewable energy technologies the same opportunities, in the form of incentives, that are available for other renewable energy technologies; and WHEREAS, the successful migration to a one hundred percent Renewable Portfolio Standard requires firm renewable energy generation to provide grid stability; now, therefore, BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, that the Department of Business, Economic Development, and Tourism is requested to propose legislation that establishes incentives for firm renewable electricity generation; and BE IT FURTHER RESOLVED that the Department of Business, Economic Development, and Tourism is requested to consider incentivizing interested parties to pursue firm renewable energy projects for commercial development; and BE IT FURTHER RESOLVED that the legislative proposals are requested to incentivize commercial renewable energy developers to bid and build firm renewable energy projects in the State; and BE IT FURTHER RESOLVED that the Department of Business, Economic Development, and Tourism is requested to submit its proposed legislation to the Legislature sixty days prior to the convening of the Regular Session of 2025; and BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Director of Business, Economic Development, and Tourism and Chief Energy Officer. Report Title: Department of Business, Economic Development, and Tourism; tax Credit; Renewable Energy; Report |
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| 41 | + | WHEREAS, the achievement of the State's one hundred percent Renewable Portfolio Standard by 2045 is highly reliant on firm renewable energy generation; and WHEREAS, the State must continue to support utility-scale renewable energy projects that benefit residents and ratepayers; and WHEREAS, Act 207, Session Laws of Hawaii 2003, established the Renewable Energy Technologies Income Tax Credit to incentivize residential and commercial properties to install renewable energy technology in an attempt to bring the State closer to its one hundred percent Renewable Portfolio Standard goal; and WHEREAS, it has been almost twenty years since the establishment of the Renewable Energy Technologies Income Tax Credit for solar energy systems; and WHEREAS, it is time to start investing in new and innovative firm renewable sources of energy outside the scope of solar energy; and WHEREAS, the State must provide certainty and clarity for firm renewable generation projects to ensure their stability and long-term financial viability; and WHEREAS, the State should provide firm renewable energy technologies the same opportunities, in the form of tax credits, that are available for other renewable energy technologies; and WHEREAS, the successful migration to a one hundred percent Renewable Portfolio Standard requires firm renewable energy generation to provide grid stability; now, therefore, BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, that the Department of Business, Economic Development, and Tourism is requested to propose legislation that establishes tax credits for firm renewable electricity generation; and BE IT FURTHER RESOLVED that the Department of Business, Economic Development, and Tourism is requested to consider tax credits that would incentivize interested parties to pursue firm renewable energy projects for commercial development; and BE IT FURTHER RESOLVED that the legislative proposals for the tax credits are requested to incentivize commercial renewable energy developers to bid and build firm renewable energy projects in the State; and BE IT FURTHER RESOLVED that the Department of Business, Economic Development, and Tourism is requested to submit its proposed legislation to the Legislature sixty days prior to the convening of the Regular Session of 2025; and BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Director of Business, Economic Development, and Tourism and Chief Energy Officer. OFFERED BY: _____________________________ Report Title: Department of Business, Economic Development, and Tourism; tax Credit; Renewable Energy; Report |
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