HI HB2429

Increases the standard deduction amounts for Hawaii state income tax: $5,200 for joint returns/surviving spouses (from $4,400), $3,796 for heads of household (from $3,212), and $2,600 for single filers and married filing separately (from $2,200).

Increases the personal exemption amount from $1,144 to $2,144 per exemption for taxable years beginning after December 31, 1984.

Adds an additional exemption for taxpayers or their spouses age 65 or older who have federal adjusted gross income below $24,000-$48,000 (depending on filing status).

Adds a further exemption for seniors age 65 or older whose combined federal and state adjusted gross income is below $30,000-$60,000 (depending on filing status).

Effective date is July 1, 2050 (note: the bill text does not specify which taxable years the provisions apply to after the effective date).