Bill Text: HI SB1091 | 2014 | Regular Session | Amended
Bill Title: Itemized Income Tax Deductions
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2013-12-18 - Carried over to 2014 Regular Session. [SB1091 Detail]
Download: Hawaii-2014-SB1091-Amended.html
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THE SENATE |
S.B. NO. |
1091 |
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TWENTY-SEVENTH LEGISLATURE, 2013 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO ITEMIZED INCOME TAX DEDUCTIONS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Act 97, Session Laws of Hawaii 2011, is amended by amending section 3 to read as follows:
"SECTION 3. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§235- Itemized deductions; limitations. Notwithstanding any other law to the contrary, itemized tax deductions claimed pursuant to this chapter shall not exceed the lesser of:
(1) The limitation on itemized deductions under section 68 of the Internal Revenue Code; or
(2) Any of the following that may be applicable:
(A) $25,000 for a taxpayer filing a single return or a married person filing separately with a federal adjusted gross income of $100,000 or more;
(B) $37,500 for a taxpayer filing as a head of household with a federal adjusted gross income of $150,000 or more; and
(C) $50,000 for a taxpayer filing a joint
return or as a surviving spouse with a federal adjusted gross income of
$200,000 or more[.];
provided that the cap amounts established in this paragraph shall not apply to charitable contributions deductible under this chapter.""
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 Statutory material to be repealed is bracketed and stricken.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, and shall apply to taxable years beginning after December 31, 2012.
Report Title:
Itemized Income Tax Deductions
Description:
Exempts charitable income tax deductions from the itemized deduction caps. Effective 07/01/2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
