SB 2544 Summary

• Repeals the temporary limit on itemized tax deductions that was established in Act 97, Session Laws of Hawaii 2011

• Removes the cap that previously restricted itemized deductions to the lesser of federal Internal Revenue Code limitations or state-specific dollar limits ($25,000-$50,000 depending on filing status and income)

• The repeal applies retroactively to taxable years beginning after December 31, 2010

• Effective date is July 1, 2050