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HI HB886

Bill

Official Source

Status

Engrossed

3/10/2015

Primary Sponsor

Chris Lee

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Increases the low-income household renters tax credit from $50 to $75 per qualified exemption, with taxpayers age 65 and older able to claim double the credit
  • Amends gross income thresholds for renters credit eligibility to $30,000 for single filers and $60,000 for married couples filing jointly, heads of household, and qualifying widows/widowers
  • Increases refundable food/excise tax credit amounts for low-income households across all income brackets (raises credits from $85 down to $25 per exemption depending on income level)
  • Extends the elevated tax brackets for high-income earners (established by Act 60, 2009) for five additional years through December 31, 2020
  • Applies to taxable years beginning after December 31, 2014

Legislative Description

Income Tax; Refundable Food/Excise Tax Credit; Low-income Household Renters Credit; Taxation

Last Action

Referred to WAM.

3/12/2015

Committee Referrals

Ways and Means3/12/2015
Finance1/28/2015

Full Bill Text

No bill text available