HOUSE OF REPRESENTATIVES	H.B. NO.	493
THIRTY-SECOND LEGISLATURE, 2023		H.D. 1
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 Statutory material to be repealed is bracketed and stricken.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 shall take effect on June 30, 3000.

Report Title:

Refundable Food/Excise Tax Credit

Description:

Amends the income brackets and credit amounts of the refundable food/excise tax credit. Effective 6/30/3000. (HD1)

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