HI HB2869

Adopts federal Internal Revenue Code Section 68 (overall limitation on tax deductions) for Hawaii tax purposes with modified applicable amounts from July 1, 2010 through December 31, 2015.

Sets the deduction limitation at $35,000 for single filers, $60,000 for head of household filers, and $70,000 for married couples filing jointly during the specified period.

Maintains existing Hawaii tax treatment of standard deductions, with amounts of $4,000 for joint returns/surviving spouses, $2,920 for head of household, and $2,000 for single filers and married individuals filing separately.

Excludes certain federal tax provisions from Hawaii applicability, including disaster loss deductions, real property tax deductions, and various special allowances for depreciation and expensing.

Effective July 1, 2010 and applies to taxable years beginning after December 31, 2009 and ending before January 1, 2016.