H.B. 2371 Summary

• Amends the refundable food/excise tax credit under HRS §235-55.85 by modifying income thresholds and credit amounts per qualified exemption (specific dollar amounts redacted in text).

• Modifies the income tax credit for low-income household renters under HRS §235-55.7 by changing the adjusted gross income threshold and credit amount (specific dollar amounts redacted in text).

• Creates a new low-income tax credit that eliminates or reduces state income tax liability for taxpayers with federal adjusted gross income below federal poverty guidelines (specific percentage thresholds redacted in text).

• Creates a new earned income tax credit equal to a percentage of the federal earned income tax credit under Internal Revenue Code §32, refundable to taxpayers and available to those with no income tax liability.

• Effective July 1, 2050, with specific taxable year application date redacted in the text.