HOUSE OF REPRESENTATIVES

H.B. NO.

2538

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.  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

     Under [$5,000] $               [$85] $96

     [$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] $56,500   [25] $   

     [$50,000] $56,500 and over            0"

     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  Statutory material to be repealed is bracketed and stricken.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, 2013.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Refundable Food/Excise Tax Credit

 

Description:

Increases the amount and threshold of the refundable food/excise tax credit.

 

 

 

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