Bill Text: HI HB794 | 2011 | Regular Session | Amended
Bill Title: Itemized Deductions - Limits
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2011-04-07 - (S) The committee on WAM deferred the measure. [HB794 Detail]
Download: Hawaii-2011-HB794-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
794 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
H.D. 1 |
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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 limit the amount of itemized deductions that may be claimed by a taxpayer.
SECTION 2. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§235- Itemized deductions; limitation. Notwithstanding any other law to the contrary, itemized tax deductions claimed pursuant to this chapter shall not exceed:
(1) $50,000 in the case of:
(A) A joint return (as provided by section 235-93) of taxpayers with adjusted gross income of over $300,000; or
(B) A surviving spouse (as defined in Section 2(a) of the Internal Revenue Code) with adjusted gross income of over $300,000;
(2) $37,500 in the case of a head of household (as defined in Section 2(b) of the Internal Revenue Code) with adjusted gross income of over $225,000;
(3) $25,000 in the case of an individual with adjusted gross income of over $150,000 who is not married and who is not a surviving spouse or head of household; or
(4) $25,000 in the case of a married individual with adjusted gross income of over $150,000 filing a separate return."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2011, and shall apply to taxable years beginning after December 31, 2010; provided that:
(1) This Act shall apply retroactive to January 1, 2011; and
(2) Section 2 shall be repealed on January 1, 2016.
Report Title:
Itemized Deductions - Limits; Capital Goods Excise Tax Credit
Description:
Temporarily places a cap on itemized deductions claimed on state income tax returns until January 1, 2016. Applies to taxable years beginning after December 31, 2010. Effective retroactive to January 1, 2011. (HB794 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
