HOUSE OF REPRESENTATIVES	H.B. NO.	2868
TWENTY-FIFTH LEGISLATURE, 2010
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO TAXATION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  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. (a)  Notwithstanding any other law to the contrary, itemized tax deductions claimed pursuant to this chapter shall not exceed:

(1) $100,000 in the case of:

(A) A joint return as provided by section 235-93; or

(B) A surviving spouse (as defined in section 2(a) of the Internal Revenue Code);

(2) $80,000 in the case of a head of household (as defined in section 2(b) of the Internal Revenue Code);

(3) $50,000 in the case of an individual who is not married and who is not a surviving spouse or head of household; or

(4) $50,000 in the case of a married individual filing a separate return.

(b)  This section shall be repealed on December 31, 2015."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act, upon its approval, shall apply to taxable years beginning after December 31, 2009.

INTRODUCED BY:

_____________________________

Report Title:

Taxation; Itemized Deductions; Standard Deduction

Description:

Places a cap on itemized deductions claimed on state income tax returns.  Applies to taxable years beginning after 12/31/09 and sunsets on 12/31/15.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.