HOUSE OF REPRESENTATIVES	H.B. NO.	2026
TWENTY-SEVENTH LEGISLATURE, 2014
STATE OF HAWAII

A BILL FOR AN ACT

relation to taxation.

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

     SECTION 1.  The legislature finds that although the State has begun to show signs of recovery from the global economic recession, many Hawaii businesses and residents are still struggling to get back on their feet.  The legislature further finds that Hawaii residents may be encouraged to increase consumer spending through a direct income tax break, which in turn may instill confidence in the state economy.

     Accordingly, the purpose of this Act is to establish a stimulus tax credit for Hawaii residents to stimulate economic growth and development.

     SECTION 2.  (a)  Each resident taxpayer who files an individual income tax return for a taxable year, and who is not claimed or is not otherwise eligible to be claimed as a dependent by another taxpayer for federal or Hawaii state individual income tax purposes, may claim a stimulus tax credit against the resident taxpayer's income tax liability for the taxable year for which the taxpayer's income tax return is being filed.

     (b)  The amount of the stimulus tax credit claimed under this Act shall be $100 for each resident taxpayer.

     (c)  All claims for stimulus tax credits, including any amended claims, shall be filed no later than December 31, 2014.  Failure to file a claim for the stimulus tax credit on or before December 31, 2014, shall constitute a waiver of the right to claim the stimulus tax credit.

     SECTION 3.  This Act, upon its approval, shall apply to the taxable year beginning after December 31, 2013, and ending on December 31, 2014.

INTRODUCED BY:

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Report Title:

Stimulus; Income Tax Credit

Description:

Establishes a $100 stimulus tax credit for Hawaii residents to stimulate economic growth and improvement.

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