HOUSE OF REPRESENTATIVES	H.B. NO.	1061
TWENTY-EIGHTH LEGISLATURE, 2015
STATE OF HAWAII

A BILL FOR AN ACT

 

 

relating to THE income tax credit for low-income household renters.

 

 

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] $59,700 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] $146 multiplied by the number of qualified exemptions to which the taxpayer is entitled; provided each taxpayer sixty-five years of age or over may claim double the tax credit; and provided that 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.  Statutory material to be repealed is bracketed and stricken.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, 2014.

 

INTRODUCED BY:	_____________________________

 

 

Report Title:

Income Tax Credit; Low-Income Household Renters

 

Description:

Raises the adjusted gross income threshold and increases the tax credit amount for low-income household renters.

 

 

 

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