HI SB555

Increases refundable food/excise tax credit amounts per qualified exemption across all income brackets, with credits ranging from $110 for lowest income filers to $0 for highest income filers.

Eliminates residency requirement for claiming the credit, allowing any individual taxpayer (not just residents) to claim the credit if they meet other eligibility criteria.

Raises income thresholds at which the credit phases out: single filers lose eligibility at $30,000 adjusted gross income (previously $50,000), while heads of household and married filers lose eligibility at $50,000 adjusted gross income (previously higher thresholds).

Allows individuals with no income or no income tax liability to claim and receive refunds for the full credit amount (subject to $1 minimum).

Applies to taxable years beginning after December 31, 2015, with automatic repeal and reenactment of prior law scheduled for December 31, 2017.