Bill Text: HI SB2544 | 2012 | Regular Session | Introduced
Bill Title: Taxation; Itemized Deductions
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Engrossed - Dead) 2012-03-08 - (H) Referred to FIN, referral sheet 41 [SB2544 Detail]
Download: Hawaii-2012-SB2544-Introduced.html
THE SENATE |
S.B. NO. |
2544 |
TWENTY-SIXTH LEGISLATURE, 2012 |
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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. Act 97, Session Laws of Hawaii 2011, is amended as follows:
1. By amending section 3 to read:
"SECTION 3. [Chapter 235, Hawaii
Revised Statutes, is amended by adding a new section to be appropriately
designated and to read as follows:
"§235- Itemized
deductions; limitations. Notwithstanding any other law to the
contrary, itemized tax deductions claimed pursuant to this chapter shall not
exceed the lesser of:
(1) The limitation on itemized deductions
under section 68 of the Internal Revenue Code; or
(2) Any of the following that may be
applicable:
(A) $25,000 for a taxpayer filing a
single return or a married person filing separately with a federal adjusted
gross income of $100,000 or more;
(B) $37,500 for a taxpayer filing as
a head of household with a federal adjusted gross income of $150,000 or more;
and
(C) $50,000 for a taxpayer filing a
joint return or as a surviving spouse with a federal adjusted gross income of
$200,000 or more.] Repealed."
2. By amending section 6 to read:
"SECTION 6. This Act shall take effect on
July 1, 2011, and shall apply to taxable years beginning after December 31,
2010; provided that[:
(1) Section 235- , Hawaii
Revised Statutes, in section 3 of this Act shall be repealed on January 1,
2016, and shall apply to taxable years beginning after December 31, 2010,
but not to taxable years beginning after December 31, 2015; and
(2) Part] part IV shall take
effect retroactively to December 30, 2010."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
INTRODUCED BY: |
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Report Title:
Taxation; Itemized Deductions
Description:
Repeals the temporary limit on the amount of itemized deductions that may be claimed by certain taxpayers.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.