Bill Text: HI SB493 | 2015 | Regular Session | Introduced
Bill Title: Taxation; Itemized Deductions; Limitations; Wagering Losses
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-01-26 - Referred to WAM. [SB493 Detail]
Download: Hawaii-2015-SB493-Introduced.html
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THE SENATE |
S.B. NO. |
493 |
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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. Act 97, Session Laws of Hawaii 2011, as amended by Act 256, Session Laws of Hawaii 2013, is amended by amending section 3 to read as follows:
"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;
provided that the [cap amounts
established in] limitation on itemized deductions under this
paragraph shall not apply to charitable contributions [deductible] made
during the taxable year that are an allowable deduction under this chapter[.]
or to wagering losses incurred during the taxable year that are an allowable
deduction under section 165 of the Internal Revenue Code.""
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2015, and shall apply to taxable years beginning after December 31, 2014.
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INTRODUCED BY: |
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Report Title:
Taxation; Itemized Deductions; Limitations; Wagering Losses
Description:
Allows wagering losses allowable as an itemized deduction under section 165 of the Internal Revenue Code to not be subject to the state limitation on itemized deductions.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
