HI SB570

Eliminates the deduction for state taxes paid for individual taxpayers with federal adjusted gross income of $100,000 or more (single), $150,000 or more (head of household), or $200,000 or more (joint/surviving spouse).

Imposes temporary caps on itemized deductions for higher-income taxpayers: $25,000 (single), $37,500 (head of household), or $50,000 (joint/surviving spouse).

Delays implementation of standard deduction and personal exemption increases from Act 60, SLH 2009, from tax year 2011 to tax year 2013, making those increases permanent thereafter.

All provisions apply to taxable years beginning after December 31, 2010, and expire January 1, 2016, except for the delayed deduction and exemption increases which become permanent.

Takes effect July 1, 2011, with Part IV taking effect retroactively to December 30, 2010.