STAND.
COM. REP. NO. 482
Honolulu, Hawaii
, 2021
RE: H.B. No. 131
H.D. 1
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Sir:
Your Committee on Housing, to which was referred H.B. No. 131 entitled:
"A BILL FOR AN ACT RELATING TO TAX CREDITS,"
begs leave to report as follows:
The purpose of this measure is to:
(1) Increase the tax credit for low-income individuals and household renters;
(2) Increase the adjusted gross income eligibility cap for the income tax credit for low-income household renters using tax brackets for individuals and different categories of households; and
(3) Provide for annual increases based on the Consumer Price Index.
Your Committee finds that the income tax credit for low-income household renters last increased in 1981, from $20 per exemption to $50 per exemption. This measure adjusts the eligibility requirements under the income tax credit for low-income household renters and increases the amount of the tax credit to provide help to individuals and families needing rental assistance.
Your Committee has amended this measure by:
(1) Using the federal adjusted gross income as the threshold determinant for income tax credit eligibility;
(2) Setting the inflation increase for the income tax credit to occur every three years, rather than annually;
(3) Changing the effective date to July 1, 2050, to encourage further discussion; and
(4) Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 131, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 131, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Housing,
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____________________________ NADINE K. NAKAMURA, Chair |
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