HI HB690

Reduces Hawaii income tax rates by approximately 25 percent for all income brackets below the highest earners, effective for taxable years beginning after December 31, 2016.

Lowers the lowest income tax bracket rate from 1.40% to 1.05% and reduces rates across all middle income brackets (ranging from 2.40% to 5.90%).

Reinstates higher income tax brackets at $96,000+ for single filers, $96,000+ for joint filers, and $72,000+ for head of household filers with rates of 8.25% to 11.00%.

Creates new top income tax brackets for high earners: 9.00%, 10.00%, and 11.00% rates for incomes exceeding $300,000-$400,000 (joint), $150,000-$200,000 (single), and $225,000-$300,000 (head of household).

Takes effect July 1, 2030, and applies to taxable years beginning after December 31, 2016.