THE SENATE

S.B. NO.

1091

TWENTY-SEVENTH LEGISLATURE, 2013

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO ITEMIZED INCOME TAX DEDUCTIONS.

 

 

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

 


     SECTION 1.  Act 97, Session Laws of Hawaii 2011, 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 itemized deductions excluding charitable contributions in addition to the amount of charitable contributions otherwise deductible under this chapter 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 itemized deductions excluding charitable contributions in addition to the amount of charitable contributions otherwise deductible under this chapter 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 itemized deductions excluding charitable contributions in addition to the amount of charitable contributions otherwise deductible under this chapter for a taxpayer filing a joint return or as a surviving spouse with a federal adjusted gross income of $200,000 or more."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act, upon its approval, shall apply to taxable years beginning after December 31, 2012.

 

INTRODUCED BY:

_____________________________

 

 

BY REQUEST


 


 

Report Title:

Itemized Income Tax Deductions

 

Description:

Exempts charitable income tax deductions from the itemized deduction caps.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.