THE SENATE	S.B. NO.	2835
TWENTY-SEVENTH LEGISLATURE, 2014		S.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO INCOME TAX CREDIT FOR LOW-INCOME HOUSEHOLD RENTERS.

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 during the taxable year for which the credit is claimed may claim a tax credit of $50 multiplied by the number of qualified exemptions to which the taxpayer is entitled; provided [each] that:

(1) Each taxpayer sixty-five years of age or over may claim double the tax credit;

(2) For taxable years beginning after December 31, 2014, each taxpayer with an adjusted gross income of less than $30,000 who has paid more than $1,000 in rent during the taxable year for which the credit is claimed may claim double the tax credit; and [provided that a]

(3) 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  Statutory material to be repealed is bracketed and stricken.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 on July 1, 2050.

Report Title:

Taxation; Low-income Household Renters Credit

Description:

Doubles the low-income household renters credit for taxpayers with an adjusted gross income of less than $30,000 who has paid more than $1,000 in rent.  Effective 7/1/2050.  (SD1)

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