Bill Text: HI SB1496 | 2024 | Regular Session | Introduced
Bill Title: Relating To The Low-income Household Renters Credit.
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Introduced) 2023-12-11 - Carried over to 2024 Regular Session. [SB1496 Detail]
Download: Hawaii-2024-SB1496-Introduced.html
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THE SENATE |
S.B. NO. |
1496 |
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THIRTY-SECOND LEGISLATURE, 2023 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE LOW-INCOME HOUSEHOLD RENTERS CREDIT.
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 maximum tax
credit of [$50] $150 multiplied by the number of qualified
exemptions to which the taxpayer is entitled[;] as follows:
(1) For a taxpayer filing a single return or a married person filing separately:
Adjusted Gross Income Credit Per Exemption
Not over $18,750 $150
Over $18,750 but not over $28,125 $100
Over $28,125 but not over $37,500 $50;
(2) For a taxpayer filing as a heard of
household:
Adjusted Gross Income Credit Per Exemption
Not over $28,125 $150
Over $28,125 but not over $42,188 $100
Over $42,188 but not over $56,250 $50; and
(3) For a taxpayer filing a joint return under section 235-93 or a surviving spouse:
Adjusted Gross Income Credit Per Exemption
Not over $37,500 $150
Over $37,500 but not over $56,250 $100
Over $56,250 but not over $75,000 $50;
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."
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 Statutory material to be repealed is bracketed and stricken.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.
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INTRODUCED BY: |
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Report Title:
Income Tax Credit; Low-Income Household Renters Credit
Description:
Increases the maximum value of the low-income household renters credit to $150 per qualified exemption for households. Adjusts and provides income threshold tiers based on filing status.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
