HI HB1294

Increases the income tax credit for low-income household renters from $50 to $75 per qualified exemption.

Establishes separate adjusted gross income thresholds: $30,000 for single filers, and $60,000 for married couples filing jointly or separately, heads of households, and qualifying widows or widowers.

Implements annual automatic adjustments to the tax credit amount based on the consumer price index for all urban consumers, beginning in taxable years after December 31, 2015.

Maintains existing requirements that renters must pay more than $1,000 in annual rent and allows taxpayers age 65 and over to claim double the tax credit.

Applies to taxable years beginning after December 31, 2015.