Bill Text: HI HB2392 | 2010 | Regular Session | Introduced
Bill Title: Refundable Food/Excise Tax Credit; Eligibility
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-01-25 - (H) Referred to FIN, referral sheet 5 [HB2392 Detail]
Download: Hawaii-2010-HB2392-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2392 |
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TWENTY-FIFTH LEGISLATURE, 2010 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to refundable food/excise tax credit.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that income derived from employer-funded pensions, social security, or government pensions are not taxed by the State. Although the public policy of assisting retirees is commendable, it had the unintended effect of allowing some well-to-do retirees to claim the refundable food/excise tax credit -- which was intended to assist the poor. Considering the current budget crisis faced by the State, it is incumbent upon the legislature to narrowly define the intended beneficiaries of the refundable food/excise tax credit to reduce the cost of government and to ultimately balance the state budget.
The purpose of this Act is to include income derived from employer-funded pensions, social security, or government pensions in determining eligibility for the refundable food/excise tax credit.
SECTION 2. Section 235-55.85, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) Each resident individual taxpayer may claim a refundable food/excise tax credit multiplied by the number of qualified exemptions to which the taxpayer is entitled in accordance with the table below; provided that a husband and wife filing separate tax returns for a taxable year for which a joint return could have been filed by them shall claim only the tax credit to which they would have been entitled had a joint return been filed.
Adjusted gross income Credit per exemption
Under $5,000 $85
$5,000 under $10,000 75
$10,000 under $15,000 65
$15,000 under $20,000 55
$20,000 under $30,000 45
$30,000 under $40,000 35
$40,000 under $50,000 25
$50,000 and over 0;
provided further that, for the purposes of this section, adjusted gross income shall include income derived from employer-funded pensions, social security, or government pensions."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval and apply to taxable years beginning after December 31, 2009.
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INTRODUCED BY: |
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Report Title:
Refundable Food/Excise Tax Credit; Eligibility
Description:
Includes income derived from employer-funded pensions, social security, or government pensions in determining eligibility for the refundable food/excise tax credit.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
