HOUSE OF REPRESENTATIVES

H.B. NO.

2672

TWENTY-NINTH LEGISLATURE, 2018

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to taxation.

 

 

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[;] in accordance with the table below; 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.  The tax credit shall be calculated as follows:

     (1)  Taxpayer filing a single return or a married person filing separately:

          Adjusted gross income             Credit per exemption

          Not over $15,000                        $        

          Over $15,000 but not over $25,000        $        

          Over $25,000 but not over $35,000        $        

     (2)  Taxpayer filing as a head of household:

          Adjusted gross income             Credit per exemption

          Not over $25,000                        $        

          Over $25,000 but not over $37,500        $        

          Over $37,500 but not over $50,000        $        

     (3)  Taxpayer filing a joint return under section 235-93 or a surviving spouse:

          Adjusted gross income            Credit per exemption

          Not over $30,000                        $        

          Over $30,000 but not over $50,000        $        

          Over $50,000 but not over $70,000        $        ."

     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  Statutory material to be repealed is bracketed and stricken.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, 2018, and

shall apply to taxable years beginning after December 31, 2018.

 

INTRODUCED BY:

_____________________________


 

Report Title:

Income Tax Credit; Low-Income Household Renters

 

Description:

Expands the low income-household renters' income tax credit based on adjusted gross income and filing status.

 

 

 

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