Forms Available for Renewable Fuels Production Tax CreditPosted on Feb 20, 2018 in News
Hawaii State Energy Office
For Immediate Release: February 20, 2018
HONOLULU—Qualifying renewable fuels producers planning to claim Hawaii’s new renewable fuels production tax credit (RFPTC) for the 2017 tax year must submit a “RFPTC – Credit Certificate” form now available online.
Forms and instructions can be downloaded at: energy.hawaii.gov/developer-investor
Once completed, taxpayers can remit the forms and required documentation to the Department of Business, Economic Development, and Tourism (DBEDT). DBEDT will verify and/or certify the information contained in the forms and provide taxpayers a “Credit Certificate” they can file with their state tax return.
Similar to 2017, taxpayers planning to claim the RFPTC for the 2018 tax year must first file written notification to DBEDT of their intent to begin production of renewable fuels. Additionally, taxpayers are required to file a notification with DBEDT within 30 days following the start of production. The Notice of Intent/Notice to Start Production forms are is also available at the above link.
For a full listing of renewable fuels tax credit requirements for the 2017 tax year, Taxpayers should review Act 202 of 2016. The Legislature amended the act in 2017 with revisions that go into effect starting with the 2018 calendar year. Taxpayers filing for the 2018 tax year and later should refer to Act 142 of 2017. In addition, the Hawaii Department of Taxation has issued a Tax Information Release that defines certain terms related to the RFPTC that are not defined in statute: tax.hawaii.gov/legal/tir
Gov. David Ige signed into law Act 202 in July 2016 establishing a renewable fuels production tax credit that allows producers of renewable fuels from a variety of feedstocks to claim the credit through the 2021 tax year.
To qualify for the credit taxpayers must produce at least 15 billion British thermal units (Btu) of renewable fuels per year. The credit is equal to 20 cents per 76,000 Btu of renewable fuels. The credit is capped annually at $3 million per taxpayer, and $3 million in the aggregate. Tax credits will be allocated on a first-come, first-served basis.
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ABOUT HAWAII STATE ENERGY OFFICE
The Hawaii State Energy Office (HSEO) is a division of the state’s Department of Business, Economic Development and Tourism. With the state’s goal to reach 100 percent renewable energy generation by 2045, HSEO is leading the state’s charge toward clean energy independence. HSEO is committed to developing and deploying high impact solutions that will maximize Hawaii’s renewable energy resources and improve efficiency and transportation standards. Through effective policies and innovative programs, HSEO has positioned Hawaii port as a leader in clean energy innovation, which will generate quality jobs, attract investment opportunities and accelerate economic growth.
For more information, visit energy.hawaii.gov
Alan Yonan Jr.
DBEDT State Energy Office