THE SENATE

S.B. NO.

555

TWENTY-EIGHTH LEGISLATURE, 2015

S.D. 1

STATE OF HAWAII

H.D. 1

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO TAX CREDITS.

 

 

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 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]         

$5,000 under $10,000                       [75]         

$10,000 under $15,000                      [65]         

$15,000 under $20,000                      [55]         

$20,000 under $30,000                      [45]         

$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                                            

$5,000 under $10,000                                      

$10,000 under $15,000                                     

$15,000 under $20,000                                     

$20,000 under $30,000                                     

$30,000 under $40,000                                     

$40,000 under $50,000                                     

$50,000 and over                                        "

     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  Statutory material to be repealed is bracketed and stricken.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, 2015.


 


 

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.  Applies to taxable years beginning after 12/31/2015. (SB555 HD1)

 

 

 

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