HI HB1936

Establishes a refundable earned income tax credit equal to 10% of the federal earned income tax credit for resident individual taxpayers who file returns and are not claimed as dependents.

Creates a low-income tax credit that reduces state income tax liability by 50% for taxpayers with federal adjusted gross income at or below federal poverty guidelines, and eliminates tax liability entirely for those at or below poverty level.

Increases income thresholds for the low-income household renter tax credit from $30,000 to $59,700 adjusted gross income and raises the credit amount from $50 to $146 per qualified exemption.

Updates the refundable food/excise tax credit with higher income thresholds and increased credit amounts across all income brackets, with automatic annual adjustments based on consumer price index changes after 2014.

All provisions apply to taxable years beginning after December 31, 2014, with claims required to be filed within 12 months following the close of the taxable year.