Bill Text: HI SB555 | 2015 | Regular Session | Amended
Bill Title: Refundable Food/Excise Tax Credit
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2015-07-10 - Act 223, 07/09/2015 (Gov. Msg. No. 1324). [SB555 Detail]
Download: Hawaii-2015-SB555-Amended.html
THE SENATE |
S.B. NO. |
555 |
TWENTY-EIGHTH LEGISLATURE, 2015 |
S.D. 1 |
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STATE OF HAWAII |
H.D. 1 |
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C.D. 1 |
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A BILL FOR AN ACT
RELATING TO TAX CREDITS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to increase the refundable food/excise tax credit.
SECTION 2. Section 235-55.85, Hawaii Revised Statutes, is amended as follows:
1. By amending subsections (a), (b), and (c) to read:
"(a) Each [resident] individual taxpayer, who
files an individual income tax return for a taxable year, and who is not
claimed or is not otherwise eligible to be claimed as a dependent by another
taxpayer for federal or Hawaii state individual income tax purposes, may claim
a refundable food/excise tax credit against the [resident] taxpayer's
individual income tax liability for the taxable year for which the individual
income tax return is being filed; provided that [a resident] an
individual who has no income or no income taxable under this chapter and who is
not claimed or is not otherwise eligible to be claimed as a dependent by a
taxpayer for federal or Hawaii state individual income tax purposes may claim
this credit.
(b) Each [resident] 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 [$85]
$110
$5,000 under $10,000 [75]
$100
$10,000 under $15,000 [65]
$ 85
$15,000 under $20,000 [55]
$ 70
$20,000 under $30,000 [45]
$ 55
$30,000 [under $40,000 35
$40,000 under $50,000 25
$50,000] 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
$5,000 under $10,000 $100
$10,000 under $15,000 $ 85
$15,000 under $20,000 $ 70
$20,000 under $30,000 $ 55
$30,000 under $40,000 $ 45
$40,000 under $50,000 $ 35
$50,000 and over $ 0
(c) For the purposes of this section, a
qualified exemption is defined to include those exemptions permitted under this
chapter; provided that no additional exemption may be claimed by a taxpayer who
is sixty-five years of age or older; provided that a person for whom exemption
is claimed has been physically [resided] present in the
State for more than nine months during the taxable year; and provided further
that multiple exemptions shall not be granted because of deficiencies in vision
or hearing, or other disability. For purposes of claiming this credit only, a
minor child receiving support from the department of human services of the
State, social security survivor's benefits, and the like, may be considered a
dependent and a qualified exemption of the parent or guardian."
2. By amending subsection (e) to read:
"(e) The tax credits claimed by a [resident]
taxpayer pursuant to this section shall be deductible from the [resident]
taxpayer's individual income tax liability, if any, for the tax year in which
they are properly claimed. If the tax credits claimed by a [resident]
taxpayer exceed the amount of income tax payment due from the [resident]
taxpayer, the excess of credits over payments due shall be refunded to the [resident]
taxpayer; provided that tax credits properly claimed by a [resident]
individual who has no income tax liability shall be paid to the [resident]
individual; and provided further that no refunds or payment on account of the
tax credits allowed by this section shall be made for amounts less than $1."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2015; provided that this Act shall be repealed on December 31, 2017, and section 235-55.85, Hawaii Revised Statutes, shall be reenacted in the form in which it read on the day prior to the effective date of this Act.
Report Title:
Refundable Food/Excise Tax Credit
Description:
Increases the refundable food/excise tax credit. Repeals credit for individual taxpayers with adjusted gross incomes of $30,000 or above and for heads of households, married couples filing jointly, and married couples filing separately, with adjusted gross incomes of $50,000 or above. Repeals residency requirement. Applies to taxable years beginning after 12/31/2015. Repeal and reenactment on 12/31/2017. (CD1)
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