Bill Text: HI HB207 | 2018 | Regular Session | Amended
Bill Title: Relating To Taxation.
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Engrossed - Dead) 2018-04-20 - Received notice of Senate conferees (Sen. Com. No. 804). [HB207 Detail]
Download: Hawaii-2018-HB207-Amended.html
HOUSE OF REPRESENTATIVES |
H.B. NO. |
207 |
TWENTY-NINTH LEGISLATURE, 2017 |
H.D. 1 |
|
STATE OF HAWAII |
|
|
|
|
|
|
||
|
A BILL FOR AN ACT
RELATING TO TAXATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-55.7, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:
"(c) Each taxpayer [with an adjusted
gross income of less than $30,000] who has paid more than $1,000 in rent
during the taxable year for which the credit is claimed may claim a tax credit [of
$50] calculated according to this subsection, multiplied by the
number of qualified exemptions to which the taxpayer is entitled; provided that
each taxpayer sixty-five years of age or over may claim double the tax credit;
and provided that a resident individual who has no income or no income taxable
under this chapter may also claim the tax credit as set forth in this section.
The tax credit shall be calculated as follows:
(1) Taxpayer filing a single return or a married person filing separately:
Adjusted gross income Credit per exemption
Not over $15,000 $150
Over $15,000 but not over $25,000 $100
Over $25,000 but not over $35,000 $50
(2) Taxpayer filing as a head of household:
Adjusted gross income Credit per exemption
Not over $25,000 $150
Over $25,000 but not over $37,500 $100
Over $37,500 but not over $50,000 $50
(3) Taxpayer filing a joint return under section 235-93 or a surviving spouse:
Adjusted gross income Credit per exemption
Not over $30,000 $150
Over $30,000 but not over $45,000 $100
Over $45,000 but not over $60,000 $50."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon a date to be determined and shall apply to taxable years beginning after December 31, 2017.
Report Title:
Income Tax Credit; Low-Income Household Renters
Description:
Expands the low income-household renters' income tax credit based on adjusted gross income and filing status. (HB207 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.