HI SB2886

Updates Hawaii income tax law to conform with the Internal Revenue Code as of December 31, 2013, for all taxable years beginning after December 31, 2013.

Modifies standard deduction amounts to $4,400 for joint returns and surviving spouses, $3,212 for heads of household, and $2,200 for single filers and married filing separately.

Adjusts limitations on itemized deductions, charitable contributions, casualty losses, and real property tax deductions to align with federal tax treatment and income thresholds.

Makes technical corrections to provisions regarding S corporations, partnerships, fringe benefits, education savings accounts, and retirement plan rollovers.

Establishes annual legislative process requiring the Department of Taxation to submit bills each regular session conforming Hawaii tax law to the prior calendar year's Internal Revenue Code amendments.