Bill Text: HI HB362 | 2018 | Regular Session | Introduced

Hawaii House Bill 362 (Prior Session Legislation)

Introduced

Bill Title: Relating To Income Tax Reduction.

Spectrum: Partisan Bill (Republican 5-0)

Status: (Introduced - Dead) 2017-11-30 - Carried over to 2018 Regular Session. [HB362 Detail]

Download: Hawaii-2018-HB362-Introduced.html

HOUSE OF REPRESENTATIVES	H.B. NO.	362
TWENTY-NINTH LEGISLATURE, 2017
STATE OF HAWAII

A BILL FOR AN ACT

Relating to income tax reduction.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The purpose of this Act is to decrease by twenty-five per cent the income tax rates for all but the top income earners and mirrors the reduction of taxes granted to top income earners by the 2015 sunset of Act 97 enacted in 2011.

SECTION 2. Section 235-51, Hawaii Revised Statutes, is amended by amending subsection (a) through (c) to read as follows:

"§235-51 Tax imposed on individuals; rates. (a) There is hereby imposed on the taxable income of (1) every taxpayer who files a joint return under section 235-93; and (2) every surviving spouse a tax determined in accordance with the following table:

In the case of any taxable year beginning after December 31, 2001:

If the taxable income is: The tax shall be:

Not over $4,000 1.40% of taxable income

Over $4,000 but $56.00 plus 3.20% of

not over $8,000 excess over $4,000

Over $8,000 but $184.00 plus 5.50% of

not over $16,000 excess over $8,000

Over $16,000 but $624.00 plus 6.40% of

not over $24,000 excess over $16,000

Over $24,000 but $1,136.00 plus 6.80% of

not over $32,000 excess over $24,000

Over $32,000 but $1,680.00 plus 7.20% of

not over $40,000 excess over $32,000

Over $40,000 but $2,256.00 plus 7.60% of

not over $60,000 excess over $40,000

Over $60,000 but $3,776.00 plus 7.90% of

not over $80,000 excess over $60,000

Over $80,000 $5,356.00 plus 8.25% of

excess over $80,000.

In the case of any taxable year beginning after December 31, 2006:

If the taxable income is: The tax shall be:

Not over $4,800 1.40% of taxable income

Over $4,800 but $67.00 plus 3.20% of

not over $9,600 excess over $4,800

Over $9,600 but $221.00 plus 5.50% of

not over $19,200 excess over $9,600

Over $19,200 but $749.00 plus 6.40% of

not over $28,800 excess over $19,200

Over $28,800 but $1,363.00 plus 6.80% of

not over $38,400 excess over $28,800

Over $38,400 but $2,016.00 plus 7.20% of

not over $48,000 excess over $38,400

Over $48,000 but $2,707.00 plus 7.60% of

not over $72,000 excess over $48,000

Over $72,000 but $4,531.00 plus 7.90% of

not over $96,000 excess over $72,000

Over $96,000 $6,427.00 plus 8.25% of

excess over $96,000.

In the case of any taxable year beginning after December 31, 2016:

If the taxable income is: The tax shall be:

Not over $4,800 1.05% of taxable income

Over $4,800 but $67.00 plus 2.40% of

not over $9,600 excess over $4,800

Over $9,600 but $221.00 plus 4.10% of

not over $19,200 excess over $9,600

Over $19,200 but $749.00 plus 4.80% of

not over $28,800 excess over $19,200

Over $28,800 but $1,363.00 plus 5.10% of

not over $38,400 excess over $28,800

Over $38,400 but $2,016.00 plus 5.40% of

not over $48,000 excess over $38,400

Over $48,000 but $2,707.00 plus 5.70% of

not over $72,000 excess over $48,000

Over $72,000 but $4,531.00 plus 5.90% of

not over $96,000 excess over $72,000

Over $96,000 $6,427.00 plus 8.25% of

excess over $96,000.

(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, 2001:

If the taxable income is: The tax shall be:

Not over $3,000 1.40% of taxable income

Over $3,000 but $42.00 plus 3.20% of

not over $6,000 excess over $3,000

Over $6,000 but $138.00 plus 5.50% of

not over $12,000 excess over $6,000

Over $12,000 but $468.00 plus 6.40% of

not over $18,000 excess over $12,000

Over $18,000 but $852.00 plus 6.80% of

not over $24,000 excess over $18,000

Over $24,000 but $1,260.00 plus 7.20% of

not over $30,000 excess over $24,000

Over $30,000 but $1,692.00 plus 7.60% of

not over $45,000 excess over $30,000

Over $45,000 but $2,832.00 plus 7.90% of

not over $60,000 excess over $45,000

Over $60,000 $4,017.00 plus 8.25% of

excess over $60,000.

In the case of any taxable year beginning after December 31, 2006:

If the taxable income is: The tax shall be:

Not over $3,600 1.40% of taxable income

Over $3,600 but $50.00 plus 3.20% of

not over $7,200 excess over $3,600

Over $7,200 but $166.00 plus 5.50% of

not over $14,400 excess over $7,200

Over $14,400 but $562.00 plus 6.40% of

not over $21,600 excess over $14,400

Over $21,600 but $1,022.00 plus 6.80% of

not over $28,800 excess over $21,600

Over $28,800 but $1,512.00 plus 7.20% of

not over $36,000 excess over $28,800

Over $36,000 but $2,030.00 plus 7.60% of

not over $54,000 excess over $36,000

Over $54,000 but $3,398.00 plus 7.90% of

not over $72,000 excess over $54,000

Over $72,000 $4,820.00 plus 8.25% of

excess over $72,000.

In the case of any taxable year beginning after December 31, 2016:

If the taxable income is: The tax shall be:

Not over $3,600 1.05% of taxable income

Over $3,600 but $50.00 plus 2.40% of

not over $7,200 excess over $3,600

Over $7,200 but $166.00 plus 4.10% of

not over $14,400 excess over $7,200

Over $14,400 but $562.00 plus 4.80% of

not over $21,600 excess over $14,400

Over $21,600 but $1,022.00 plus 5.10% of

not over $28,800 excess over $21,600

Over $28,800 but $1,512.00 plus 5.40% of

not over $36,000 excess over $28,800

Over $36,000 but $2,030.00 plus 5.70% of

not over $54,000 excess over $36,000

Over $54,000 but $3,398.00 plus 5.90% of

not over $72,000 excess over $54,000

Over $72,000 $4,820.00 plus 8.25% of

excess over $72,000.

(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, 2001:

If the taxable income is: The tax shall be:

Not over $2,000 1.40% of taxable income

Over $2,000 but $28.00 plus 3.20% of

not over $4,000 excess over $2,000

Over $4,000 but $92.00 plus 5.50% of

not over $8,000 excess over $4,000

Over $8,000 but $312.00 plus 6.40% of

not over $12,000 excess over $8,000

Over $12,000 but $568.00 plus 6.80% of

not over $16,000 excess over $12,000

Over $16,000 but $840.00 plus 7.20% of

not over $20,000 excess over $16,000

Over $20,000 but $1,128.00 plus 7.60% of

not over $30,000 excess over $20,000

Over $30,000 but $1,888.00 plus 7.90% of

not over $40,000 excess over $30,000

Over $40,000 $2,678.00 plus 8.25% of

excess over $40,000.

In the case of any taxable year beginning after December 31, 2006:

If the taxable income is: The tax shall be:

Not over $2,400 1.40% of taxable income

Over $2,400 but $34.00 plus 3.20% of

not over $4,800 excess over $2,400

Over $4,800 but $110.00 plus 5.50% of

not over $9,600 excess over $4,800

Over $9,600 but $374.00 plus 6.40% of

not over $14,400 excess over $9,600

Over $14,400 but $682.00 plus 6.80% of

not over $19,200 excess over $14,400

Over $19,200 but $1,008.00 plus 7.20% of

not over $24,000 excess over $19,200

Over $24,000 but $1,354.00 plus 7.60% of

not over $36,000 excess over $24,000

Over $36,000 but $2,266.00 plus 7.90% of

not over $48,000 excess over $36,000

Over $48,000 $3,214.00 plus 8.25% of

excess over $48,000.

In the case of any taxable year beginning after December 31, 2016:

If the taxable income is: The tax shall be:

Not over $2,400 1.05% of taxable income

Over $2,400 but $34.00 plus 2.40% of

not over $4,800 excess over $2,400

Over $4,800 but $110.00 plus 4.10% of

not over $9,600 excess over $4,800

Over $9,600 but $374.00 plus 4.80% of

not over $14,400 excess over $9,600

Over $14,400 but $682.00 plus 5.10% of

not over $19,200 excess over $14,400

Over $19,200 but $1,008.00 plus 5.40% of

not over $24,000 excess over $19,200

Over $24,000 but $1,354.00 plus 5.70% of

not over $36,000 excess over $24,000

Over $36,000 but $2,266.00 plus 5.90% of

not over $48,000 excess over $36,000

Over $48,000 $3,214.00 plus 8.25% of

excess over $48,000.

SECTION 3. New statutory material is underscored.

SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2016.

INTRODUCED BY:

_____________________________

Report Title:

Taxation; Income Tax Rates.

Description:

Decreases the income tax by twenty-five per cent for all but top income earners.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.