HOUSE OF REPRESENTATIVES	H.B. NO.	493
THIRTY-SECOND LEGISLATURE, 2023
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 235-55.85, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:

"(b) Each individual taxpayer may claim a refundable food/excise tax credit multiplied by the number of qualified exemptions to which the taxpayer is entitled in accordance with the table below; provided that a husband and wife filing separate tax returns for a taxable year for which a joint return could have been filed by them shall claim only the tax credit to which they would have been entitled had a joint return been filed.

Adjusted gross income Credit per exemption

for taxpayers filing

a single return

Under $5,000 [$110] $160

$5,000 under $10,000 [$100] $150

$10,000 under $15,000 [$ 85] $135

$15,000 under $20,000 [$ 70] $120

$20,000 under [$30,000] $40,000 [$ 55] $105

[$30,000] $40,000 and over $ 0.

Adjusted gross income Credit per exemption

for heads of household,

married individuals filing

separate returns, and

married couples filing

joint returns

Under $5,000 [$110] $160

$5,000 under $10,000 [$100] $150

$10,000 under $15,000 [$ 85] $135

$15,000 under $20,000 [$ 70] $120

$20,000 under $30,000 [$ 55] $105

$30,000 under $40,000 [$ 45] $ 95

$40,000 under [$50,000] $70,000 [$ 35] $ 85

[$50,000] $70,000 and over $ 0."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2022.

INTRODUCED BY:

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Report Title:

Refundable Food/Excise Tax Credit

Description:

Amends the income brackets and credit amounts of the refundable food/excise tax credit.

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