Report Title:

Tax Credit; Low-income Household Renter

 

Description:

Allows a taxpayer who claims the low-income household renter's tax credit to transfer the credit to the taxpayer's landlord.

 


HOUSE OF REPRESENTATIVES

H.B. NO.

434

TWENTY-FIFTH LEGISLATURE, 2009

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT


 

 

RELATING TO LOW-INCOME HOUSEHOLD RENTERS TAX 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 tax credit of $50 multiplied by the number of qualified exemptions to which the taxpayer is entitled; provided [each] that:

     (1)  Each taxpayer sixty-five years of age or over may claim double the tax credit;

     (2)  A taxpayer with an adjusted gross income of less than $20,000 or joint taxpayers with adjusted gross incomes of less than $40,000 who secure the approval of their landlord, may transfer their tax credit to their landlord; provided that the transfer shall not affect the ability of the landlord to claim any other tax credit as a corporate taxpayer; and [provided that a]

     (3)  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.  The department of taxation may adopt rules pursuant to chapter 91 to effectuate 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  Statutory material to be repealed is bracketed and stricken.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 upon its approval and shall apply to taxable years beginning after December 31, 2008.

 

INTRODUCED BY:

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