HI HB35

Amends Hawaii's tax code to limit employer deductions for employee benefits to an amount not exceeding 50 times the state's median household income for taxable years beginning after December 31, 2015.

Modifies Section 235-2.4 of Hawaii Revised Statutes regarding the operation of Internal Revenue Code provisions, adding new restrictions on business expense deductions under Section 162.

Applies to all employer-provided benefits, with the cap calculated annually based on the current state median household income figure.

Effective for taxable years beginning after December 31, 2015, upon approval of the bill.