HOUSE OF REPRESENTATIVES

H.B. NO.

932

TWENTY-NINTH LEGISLATURE, 2017

H.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO TAXATION.

 

 

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 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.

     In the case of any taxable year beginning after December 31, 2017:

     Adjusted gross income        Credit per exemption

     for taxpayers filing

     a single return                      

       Under [$5,000] $5,800           [$l10] $115

       [$5,000] $5,800 under

         [$10,000] $11,500             [$100] $105

       [$10,000] $11,500 under

         [$15,000] $17,500             [$ 85] $ 90

       [$15,000] $17,500 under

         [$20,000] $23,500             [$ 70] $ 75

       [$20,000] $23,500 under

         [$30,000] $35,000             [$ 55] $ 60

       [$30,000] $35,000 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] $5,800           [$l10] $115

       [$5,000] $5,800 under

         [$10,000] $11,500             [$100] $105

       [$10,000] $11,500 under

         [$15,000] $17,500             [$ 85] $ 90

       [$15,000] $17,500 under

         [$20,000] $23,500             [$ 70] $ 75

       [$20,000] $23,500 under

         [$30,000] $35,000             [$ 55] $ 60

       [$30,000] $35,000 under

         [$40,000] $46,500                 $ 45

       [$40,000] $46,500 under

         [$50,000] $58,000                 $ 35

       [$50,000] $58,000 and over          $  0.

     In the case of any taxable year beginning after December 31, 2019:

     Adjusted gross income

     for taxpayers filing

     a single return             Credit per exemption

       Under $6,000                        $120

       $6,000 under $12,000                $108

       $12,000 under $18,000               $ 93

       $18,000 under $24,000               $ 78

       $24,000 under $36,500               $ 63

       $36,500 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 $6,000                        $120

       $6,000 under $12,000                $108

       $12,000 under $18,000               $ 93

       $18,000 under $24,000               $ 78

       $24,000 under $36,500               $ 63

       $36,500 under $48,500               $ 48

       $48,500 under $60,000               $ 38

       $60,000 and over                    $  0.

     In the case of any taxable year beginning after December 31, 2021:

     Adjusted gross income

     for taxpayers filing

     a single return             Credit per exemption

       Under $6,300                        $125

       $6,300 under $12,500                $110

       $12,500 under $19,000               $ 95

       $19,000 under $25,000               $ 80

       $25,000 under $38,000               $ 65

       $38,000 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 $6,300                        $125

       $6,300 under $12,500                $110

       $12,500 under $19,000               $ 95

       $19,000 under $25,000               $ 80

       $25,000 under $38,000               $ 65

       $38,000 under $50,000               $ 50

       $50,000 under $63,000               $ 40

       $63,000 and over                    $  0."

     SECTION 2.  Act 223, Session Laws of Hawaii 2015, section 4, is amended to read as follows:

"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]."

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect on July 1, 2030.


 


 

Report Title:

Taxation; Refundable Food/Excise Tax Credit;

 

Description:

Gradually increases the credit amounts and amends the income brackets of the refundable food/excise tax credit.  Repeals the sunset date of Act 223, SLH 2015, which amended the food/excise tax credit.  (HB932 HD1)

 

 

 

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