HI SB1133

Updates Hawaii income tax law conformity date from December 31, 2013 to December 31, 2014 for provisions regarding gross income, adjusted gross income, ordinary income and loss, and taxable income.

Modifies standard deduction amounts to $4,400 for joint filers and surviving spouses, $3,212 for heads of household, and $2,200 for single filers and married individuals filing separately.

Adds operative provisions for Section 529A (qualified ABLE programs) with exception that additional taxes for non-disability distributions shall not apply.

Applies exclusions and limitations to various Internal Revenue Code sections including limits on casualty loss deductions ($100 per casualty), section 179 expensing ($25,000 aggregate), and net operating loss carryforwards.

Effective for taxable years beginning after December 31, 2014.