HI HB1882

Allows annual tax deductions for contributions to Hawaii college savings program accounts under Chapter 256, with maximum deductions of $5,000 for individual taxpayers and $10,000 for married couples filing jointly.

Permits taxpayers whose contributions exceed the annual deductible amount to carry forward the excess deduction for up to five subsequent tax years until fully exhausted.

Prohibits deductions for amounts rolled over from other qualified tuition programs under Section 529 of the Internal Revenue Code and for contributions made in tax years when nonqualified withdrawals occur.

Requires all deductible contributions to be made by December 31 of the tax year, with any deductions subject to recapture if nonqualified withdrawals are subsequently made.

Applies to taxable years beginning after December 31, 2015.