HI HB1091

Increases the standard deduction amounts for all filing statuses: joint returns and surviving spouses from $4,400 to $5,200; head of household from $3,212 to $3,796; single filers and married filing separately from $2,200 to $2,600.

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

Provides an additional exemption for taxpayers aged 65 or older whose federal adjusted gross income is below specified thresholds: $24,000 (single), $36,000 (head of household), or $48,000 (joint/surviving spouse).

Provides an additional exemption for taxpayers aged 65 or older whose combined federal and state adjusted gross income is below specified thresholds: $30,000 (single), $45,000 (head of household), or $60,000 (joint/surviving spouse).

Takes effect July 1, 2030, and applies to taxable years beginning after December 31, 2015.