HI SR31

Requests the Tax Review Commission to evaluate whether Hawaii's standard deduction and personal exemption under chapter 235 should be increased or conformed with the Internal Revenue Code

Current Hawaii standard deduction amounts are $4,400 (joint filers), $3,212 (head of household), and $2,200 (single filers), with a personal exemption of $1,144, all lower than federal amounts

Directs the Tax Review Commission to consider whether deductions and exemptions should be indexed to inflation, consistent with federal Internal Revenue Code provisions

Requires the Tax Review Commission to include revenue impact estimates for its recommendations and any alternatives considered in its final report to the Governor and Legislature

Applies to the 2016 Tax Review Commission anticipated to be appointed in that year