Bill Text: HI HB2672 | 2018 | Regular Session | Introduced
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-Introduced.html
HOUSE OF REPRESENTATIVES |
H.B. NO. |
2672 |
TWENTY-NINTH LEGISLATURE, 2018 |
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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] 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) 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) 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) 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 Statutory material to be repealed is bracketed and stricken.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, 2018, and
shall apply to taxable years beginning after December 31, 2018.
INTRODUCED BY: |
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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.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.