HI HB1092

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

Applies only to taxpayers with federal adjusted gross income below specified thresholds: $30,000 for single filers or those filing separately, $45,000 for head of household, and $60,000 for joint filers or surviving spouses.

Amends Hawaii Revised Statutes Section 235-7(a) by adding a new paragraph (15) establishing the exclusion.

Effective July 1, 2030, and applies to taxable years beginning after December 31, 2014.

Addresses income inequality and financial hardship among Hawaii seniors by providing tax relief on retirement plan withdrawals for lower-income individuals.