Solar tax credits impacting Hawaii revenues
HONOLULU (AP) — Economists warn generous tax breaks for solar-powered systems are shrinking Hawaii tax collections.
It’s led the Council on Revenues to downgrade the state’s revenue forecast.
The Honolulu Star-Advertiser reported Friday the council reduced the forecast for fiscal year 2013 to 4.9 percent growth, down from 5.3 percent in May. The council also lowered the forecast for 2014 to 3.9 percent, down from 4 percent.
KITV reports the state tax office is in the process of tightening up criteria for what qualifies for the solar tax credits.