HOUSE OF REPRESENTATIVES

H.B. NO.

2604

TWENTY-SEVENTH LEGISLATURE, 2014

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to taxation.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  Act 97, Session Laws of Hawaii 2011, as amended by Act 256, Session Laws of Hawaii 2013, 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  Statutory material to be repealed is bracketed and stricken.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, 2014, and shall apply to taxable years beginning after December 31, 2013.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Income Tax; Itemized Deductions; Limitations

 

Description:

Changes the amounts of the temporary limitations on itemized deductions established by Act 97, SLH 2011.

 

 

 

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