HI HB794

Caps itemized tax deductions for Hawaii taxpayers based on filing status and adjusted gross income thresholds.

Joint filers and surviving spouses with adjusted gross income over $300,000 limited to $50,000 in itemized deductions.

Heads of household with adjusted gross income over $225,000 limited to $37,500 in itemized deductions.

Single filers and married individuals filing separately with adjusted gross income over $150,000 limited to $25,000 in itemized deductions.

Takes effect July 1, 2011 retroactively to January 1, 2011, and automatically repeals on January 1, 2016.