Report Title:
Income Tax Credit; Low-Income Household Renters
Description:
Increases the income tax credit for low-income household renters for a primary residence in Hawaii with an adjusted gross income of less than $30,000, from $50 to $100 per qualified exemption. Also makes the tax credit available to household renters with an adjusted gross income between $30,000 and $50,000 in the amount of $75 per qualified exemption. (HB1853 HD1)
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1853 |
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TWENTY-THIRD LEGISLATURE, 2006 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO RENTAL HOUSING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. 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 for a primary residence in the state of Hawaii during the taxable year for which the credit is claimed may claim [a] the tax credit [of $50] as follows:
(1) For taxpayers with an adjusted gross income of less than or equal to $30,000, $100 multiplied by the number of qualified exemptions to which the taxpayer is entitled; and
(2) For taxpayers with an adjusted gross income greater than $30,000 and equal to or less than $50,000, $75 multiplied by the number of qualified exemptions to which the taxpayer is entitled;
provided that each taxpayer sixty-five years of age or over may claim double the tax credit; and provided further 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 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 Statutory material to be repealed is bracketed and stricken.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 and shall apply to taxable years beginning after December 31, 2005.