HOUSE OF REPRESENTATIVES |
H.B. NO. |
691 |
TWENTY-EIGHTH LEGISLATURE, 2015 |
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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. The purpose of this Act is to increase the income tax credit for low-income household renters.
SECTION 2. 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; provided each
taxpayer sixty-five years of age or over may claim double the tax credit; and
provided 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."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2014.
INTRODUCED BY: |
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Report Title:
Income Tax Credit; Low-Income Household Renters
Description:
Increases the income tax credit for low-income household renters to an unspecified amount.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.