Bill Text: HI HB510 | 2022 | Regular Session | Amended
Bill Title: Relating To Taxation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2022-04-22 - Received notice of Senate conferees (Sen. Com. No. 893). [HB510 Detail]
Download: Hawaii-2022-HB510-Amended.html
|
HOUSE OF REPRESENTATIVES |
H.B. NO. |
510 |
|
THIRTY-FIRST LEGISLATURE, 2021 |
H.D. 1 |
|
|
STATE OF HAWAII |
S.D. 1 |
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
RELATING TO TAXATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-55.75, Hawaii Revised Statutes, is amended as follows:
1. By amending the title and subsection (a) to read:
"[[]§235-55.75[] Earned] Refundable earned income tax
credit. (a) Each qualifying individual
taxpayer may claim a [nonrefundable] refundable earned income tax
credit. The tax credit, for
the appropriate taxable year, shall be twenty per cent of the federal earned income
tax credit allowed and properly claimed under section 32 of the Internal Revenue
Code and reported as such on the individual's federal income tax return."
2. By amending subsection (d) to read:
"(d) The credit allowed under this section shall be
claimed against the net income tax liability for the taxable year. [If the tax credit under this section exceeds
the taxpayer's income tax liability, the excess of the tax credit over liability
may be used as a credit against the taxpayer's net income tax liability in subsequent
years until exhausted.] If the tax
credit claimed by the taxpayer under this section exceeds the amount of the income
tax payments due from the taxpayer, the excess of credit over payments due shall
be refunded to the taxpayer; provided that the tax credit properly claimed by a
taxpayer who has no income tax liability shall be paid to the taxpayer; and provided
further that no refunds or payments on account of the tax credit allowed by this
section shall be made for amounts less than $1. All claims, including amended claims, for a tax
credit under this section shall be filed on or before the end of the twelfth month
following the close of the taxable year for which the credit may be claimed. Failure to comply with the foregoing provision
shall constitute a waiver of the right to claim the credit."
3. By amending subsection (g) to read:
"(g) This section shall apply to taxable years beginning
after December 31, 2017, but shall not apply to taxable years beginning after December
31, [2022.] 2028."
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 Statutory material to be repealed is bracketed and stricken.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, 2021.
Report Title:
Income Tax; Earned Income Tax Credit
Description:
Makes the state earned income tax credit refundable and extends the availability of the tax credit for an additional 6 years. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
