HI HB2432

Excludes income from deferred compensation retirement plans, including IRAs, 401(k)s, and 403(b)s, from Hawaii state income tax for qualifying taxpayers.

Limits the exclusion to individuals whose federal adjusted gross income is below $30,000 (single filer), $45,000 (head of household), or $60,000 (joint filer).

Applies to taxable years beginning after December 31, 2013, with an effective date of July 1, 2030.

Amends Section 235-7(a) of the Hawaii Revised Statutes to add the new exclusion as paragraph (15).

Addresses income inequity for seniors struggling financially by reducing their tax burden on retirement distributions.