Bill Text: HI HB1957 | 2020 | Regular Session | Introduced
Bill Title: Relating To Tax Credits.
Spectrum: Partisan Bill (Democrat 16-0)
Status: (Engrossed - Dead) 2020-03-16 - The hearing on this measure has been cancelled until further notice. [HB1957 Detail]
Download: Hawaii-2020-HB1957-Introduced.html
HOUSE OF REPRESENTATIVES |
H.B. NO. |
1957 |
THIRTIETH LEGISLATURE, 2020 |
|
|
STATE OF HAWAII |
|
|
|
|
|
|
||
|
A BILL FOR AN ACT
relating to tax credits.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that homelessness is a serious problem in Hawai‘i, due in part to the high cost of housing in the State. Since 1977, the State has made tax credits available in order to assist eligible renters. The legislature finds that this tax credit is the third most commonly used among Hawai‘i residents. The income eligibility threshold was last adjusted in 1989 and the credit amount allowed was last adjusted in 1981. Since 1989, the cost of housing has increased by three-hundred ninety per cent. Therefore, it is time to adjust the eligibility requirements for renters.
The purpose of this Act is to adjust the eligibility requirements under the income tax credit for low-income household renters by increasing the adjusted gross income threshold from $30,000 to $50,000 per year and increasing the amount used for calculating the credit from $50 to $200.
SECTION 2. 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] $50,000 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] $200 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 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2020.
INTRODUCED BY: |
_____________________________ |
|
|
|
|
|
|
|
|
|
|
Report Title:
Income Tax Credit for Low-income Household Renters; Adjustments
Description:
Increases the adjusted gross income eligibility cap for the income tax credit for low-income household renters from $30,000 to $50,000. Increases the amount used for calculating the credit from $50 to $200.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.