Bill Text: HI HB2672 | 2018 | Regular Session | Amended
Bill Title: Relating To Taxation.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Engrossed - Dead) 2018-04-27 - Conference Committee Meeting will reconvene on Friday 04-27-18 1:55PM in conference room 325. [HB2672 Detail]
Download: Hawaii-2018-HB2672-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2672 |
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TWENTY-NINTH LEGISLATURE, 2018 |
H.D. 1 |
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STATE OF HAWAII |
S.D. 1 |
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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 as follows:
1. By amending subsection (a) to read:
"(a) As used in this section:
[(1)]
"Adjusted gross income" [is defined by section 235-1.] means
adjusted gross income as defined by the Internal Revenue Code.
[(2)]
"Qualified exemption" includes those exemptions permitted under this
chapter; provided that a person for whom exemption is claimed has physically
resided in the State for more than nine months during the taxable year; and
provided that multiple exemption shall not be granted because of deficiencies
in vision, hearing, or other disability.
[(3)]
"Rent" means the amount paid in cash in any taxable year for the
occupancy of a dwelling place which is used by a resident taxpayer or the
resident taxpayer's immediate family as the principal residence in this
State. Rent is limited to the amount
paid for the occupancy of the dwelling place only, and is exclusive of charges
for utilities, parking stalls, storage of goods, yard services, furniture,
furnishings, and the like. Rent shall
not include any rental claimed as a deduction from gross income or adjusted
gross income for income tax purposes, any ground rental paid for use of land
only, and any rent allowance or subsidies received."
2. By amending subsection (c) to read:
"(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] multiplied by the number of qualified exemptions to which the taxpayer
is entitled[;] in accordance with the table below; provided that
each taxpayer sixty-five years of age or over may claim double the tax credit;
and provided further 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) For a taxpayer
filing a single return or a married person filing separately:
Adjusted
gross income Credit per exemption
Not
over $15,000 $
Over
$15,000 but not over $25,000 $
Over
$25,000 but not over $35,000 $
(2) For a taxpayer filing
as a head of household:
Adjusted
gross income Credit per exemption
Not
over $25,000 $
Over
$25,000 but not over $37,500 $
Over
$37,500 but not over $50,000 $
(3) For a taxpayer filing
a joint return under section 235-93 or a surviving spouse:
Adjusted
gross income Credit per exemption
Not
over $30,000 $
Over
$30,000 but not over $50,000 $
Over $50,000 but not over $70,000 $ ."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2050,
and shall apply to taxable years beginning after December 31, 2018.
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. Amends the definition of adjusted gross income to match federal definition. Effective 7/1/2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
