Bill Text: HI SR73 | 2022 | Regular Session | Introduced
Bill Title: Urging Hawaii's Congressional Delegation To Introduce And Support Legislation That Would Repeal The $10,000 Limitation On The Deduction For State And Local Taxes Enacted By The Federal Tax Cuts And Jobs Act Of 2017.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-03-11 - Referred to PSM, WAM. [SR73 Detail]
Download: Hawaii-2022-SR73-Introduced.html
THE SENATE |
S.R. NO. |
73 |
THIRTY-FIRST LEGISLATURE, 2022 |
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STATE OF HAWAII |
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SENATE RESOLUTION
Urging Hawaii's congressional delegation to introduce AND SUPPORT legislation that would repeal THE $10,000 limitation on the deduction for state and local taxes enacted by the federal tax cuts and jobs act of 2017.
WHEREAS, on December 15, 2017, the United States Congress approved the Tax Cuts and Jobs Act, Public Law 115-97 (Act), the largest overhaul of the federal tax code in the past thirty years that included the $10,000 limitation on deductions for state and local taxes (SALT cap); and
WHEREAS, the SALT cap is leading to an increase in states' deficits, which are statutorily required to be offset by reductions in outlays or increases in other revenue to maintain budget outcomes; and
WHEREAS, the SALT cap decreases after—tax income for taxpayers, which causes more financial hardship and a decrease in the consumption of goods and services that is vital for economic recovery; and
WHEREAS, the SALT cap disproportionately reduces Hawaii residents' after-tax income compared to states that have a lower tax rate or cost of living due to having a flat limitation level; and
WHEREAS, the SALT cap does not take into account significant factors such as inflation or marital status; and
WHEREAS, the working people of the State of Hawaii are in desperate need of tax relief; and
WHEREAS, legislation has been introduced in the 116th Congress that would modify the SALT cap, including increasing the SALT cap level for some or all taxpayers or repealing the SALT cap entirely; now, therefore,
BE IT RESOLVED by the Senate of the Thirty-first
Legislature of the State of Hawaii, Regular Session of 2022, that this body
urges Hawaii's Congressional Delegation to introduce and support legislation that
would repeal the SALT cap, which negatively impacts the State's residents and
economy; and
BE IT FURTHER RESOLVED that certified copies
of this Resolution be transmitted to each member of Hawaii's Congressional
Delegation.
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OFFERED BY: |
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Federal Tax Cuts and Jobs Act; SALT Cap; Repeal