Bill Text: HI HB246 | 2015 | Regular Session | Amended
Bill Title: Income Tax Credit for Low-Income Household Renters; Refundable Food/Excise Tax Credit
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-02-09 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on HSG with none voting aye with reservations; none voting no (0) and Representative(s) Har, Matsumoto excused (2). [HB246 Detail]
Download: Hawaii-2015-HB246-Amended.html
HOUSE OF REPRESENTATIVES |
H.B. NO. |
246 |
TWENTY-EIGHTH LEGISLATURE, 2015 |
H.D. 1 |
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STATE OF HAWAII |
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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]
$150 multiplied by the number of qualified exemptions to which the
taxpayer is entitled; provided 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."
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] $170
$5,000 under $10,000 [75] 150
$10,000 under $15,000 [65] 130
$15,000 under $20,000 [55] 110
$20,000 under $30,000 [45] 90
$30,000 under $40,000 [35] 70
$40,000 under $50,000 [25] 50
$50,000 and over 0"
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2015.
Report Title:
Income Tax Credit for Low-Income Household Renters; Refundable Food/Excise Tax Credit
Description:
Increases the credit amounts of the income tax credit for low-income household renters and refundable food/excise tax credit. (HB246 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.