HI HB246

Increases the income tax credit for low-income renters with adjusted gross income under $30,000 from $50 to $150 per qualified exemption, with taxpayers age 65 and over eligible for double the credit.

Increases refundable food/excise tax credit amounts across all income brackets: under $5,000 rises from $85 to $170 per exemption; $5,000-$10,000 from $75 to $150; $10,000-$15,000 from $65 to $130; $15,000-$20,000 from $55 to $110; $20,000-$30,000 from $45 to $90; $30,000-$40,000 from $35 to $70; and $40,000-$50,000 from $25 to $50 per exemption.

Applies to taxable years beginning after December 31, 2015.