Bill Text: HI HB2733 | 2024 | Regular Session | Introduced
Bill Title: Relating To Income Tax.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced) 2024-01-26 - Referred to FIN, referral sheet 3 [HB2733 Detail]
Download: Hawaii-2024-HB2733-Introduced.html
HOUSE OF REPRESENTATIVES |
H.B. NO. |
2733 |
THIRTY-SECOND LEGISLATURE, 2024 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to income tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-51, Hawaii Revised Statutes, is amended by amending subsections (a), (b), and (c) to read as follows:
"PART III.
INDIVIDUAL INCOME TAX
§235-51 Tax imposed on individuals; rates. (a) There is hereby imposed on the taxable income
of every:
(1) Taxpayer
who files a joint return under section 235-93; and
(2) Surviving
spouse,
a
tax determined in accordance with the following table:
In the case of any taxable year beginning
after December 31, 2017:
If
the taxable income is: The tax shall
be:
Not
over $4,800 [1.40%] 0.70%
of taxable income
Over
$4,800 but $67.00 plus [3.20%]
1.60% of
not
over $9,600 excess over
$4,800
Over
$9,600 but $221.00 plus [5.50%]
2.75% of
not
over $19,200 excess over
$9,600
Over
$19,200 but $749.00 plus [6.40%]
3.20% of
not
over $28,800 excess over
$19,200
Over
$28,800 but $1,363.00 plus [6.80%]
3.40% of
not
over $38,400 excess over
$28,800
Over
$38,400 but $2,016.00 plus [7.20%]
3.60% of
not
over $48,000 excess over
$38,400
Over
$48,000 but $2,707.00 plus [7.60%]
3.80% of
not
over $72,000 excess over
$48,000
Over
$72,000 but $4,531.00 plus [7.90%]
3.95% of
not
over $96,000 excess over
$72,000
Over
$96,000 but $6,427.00 plus
8.25% of
not
over $300,000 excess over
$96,000
Over
$300,000 but $23,257.00 plus
9.00% of
not
over $350,000 excess over
$300,000
Over
$350,000 but $27,757.00 plus
10.00% of
not
over $400,000 excess over
$350,000
Over
$400,000 $32,757.00 plus
11.00% of
excess
over $400,000.
(b)
There is hereby imposed on the taxable income of every head of a
household a tax determined in accordance with the following table:
In the case of any taxable year beginning
after December 31, 2017:
If
the taxable income is: The tax shall
be:
Not
over $3,600 [1.40%] 0.70%
of taxable income
Over
$3,600 but $50.00 plus [3.20%]
1.60% of
not
over $7,200 excess over
$3,600
Over
$7,200 but $166.00 plus [5.50%]
2.75% of
not
over $14,400 excess over
$7,200
Over
$14,400 but $562.00 plus [6.40%]
3.20% of
not
over $21,600 excess over
$14,400
Over
$21,600 but $1,022.00 plus [6.80%]
3.40% of
not
over $28,800 excess over
$21,600
Over
$28,800 but $1,512.00 plus [7.20%]
3.60% of
not
over $36,000 excess over
$28,800
Over
$36,000 but $2,030.00 plus [7.60%]
3.80% of
not
over $54,000 excess over
$36,000
Over
$54,000 but $3,398.00 plus [7.90%]
3.95% of
not
over $72,000 excess over
$54,000
Over
$72,000 but $4,820.00 plus
8.25% of
not
over $225,000 excess over
$72,000
Over
$225,000 but $17,443.00 plus
9.00% of
not
over $262,500 excess over
$225,000
Over
$262,500 but $20,818.00 plus
10.00% of
not
over $300,000 excess over
$262,500
Over
$300,000 $24,568.00 plus
11.00% of
excess
over $300,000.
(c)
There is hereby imposed on the taxable income of (1) every unmarried
individual (other than a surviving spouse, or the head of a household) and (2)
on the taxable income of every married individual who does not make a single
return jointly with the individual's spouse under section 235-93 a tax
determined in accordance with the following table:
In the case of any taxable year beginning
after December 31, 2017:
If
the taxable income is: The tax shall
be:
Not
over $2,400 [1.40%] 0.70%
of taxable income
Over
$2,400 but $34.00 plus [3.20%]
1.60% of
not
over $4,800 excess over
$2,400
Over
$4,800 but $110.00 plus [5.50%]
2.75% of
not
over $9,600 excess over
$4,800
Over
$9,600 but $374.00 plus [6.40%]
3.20% of
not
over $14,400 excess over
$9,600
Over
$14,400 but $682.00 plus [6.80%]
3.40% of
not
over $19,200 excess over
$14,400
Over
$19,200 but $1,008.00 plus [7.20%]
3.60% of
not
over $24,000 excess over
$19,200
Over
$24,000 but $1,354.00 plus [7.60%]
3.80% of
not
over $36,000 excess over
$24,000
Over
$36,000 but $2,266.00 plus [7.90%]
3.95% of
not
over $48,000 excess over
$36,000
Over
$48,000 but $3,214.00 plus
8.25% of
not
over $150,000 excess over
$48,000
Over
$150,000 but $11,629.00 plus
9.00% of
not
over $175,000 excess over
$150,000
Over
$175,000 but $13,879.00 plus
10.00% of
not
over $200,000 excess over
$175,000
Over
$200,000 $16,379.00 plus
11.00% of
excess over $200,000."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2024.
INTRODUCED BY: |
_____________________________ |
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Report Title:
Income Tax Rate; Cost of Living; Affordability
Description:
Reduces the tax rate by fifty per cent for all tax brackets except the highest four.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.