HI SB392

Increases the adjusted gross income threshold for the low-income household renter tax credit from $30,000 to $60,000.

Raises the base tax credit amount from $50 to $150 multiplied by the number of qualified exemptions.

Establishes an annual inflation adjustment mechanism tied to the Consumer Price Index for all dollar amounts in the credit, beginning with taxable years after December 31, 2015.

Adds definition of "Consumer Price Index" as the Consumer Price Index for All Urban Consumers published by the United States Department of Labor.

Applies to taxable years beginning after December 31, 2015.