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HI HB1746
Bill
Status
1/17/2018
Primary Sponsor
Scott Saiki
Click for details
AI Summary
HB 1746 - Individual Housing Accounts
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Increases annual tax deduction cap for individual housing account contributions from $5,000 to $15,000 per individual ($30,000 for married couples filing jointly)
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Raises lifetime contribution limit from $25,000 to $75,000 per individual (or couples combined)
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Authorizes tax deductions for deposits into individual housing accounts held by community development financial institutions, in addition to traditional banks and credit unions
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Allows up to $2,500 annual deduction for deposits intended to obtain rental housing in Hawaii, with distributions required within 24 months and repayment of benefits over time
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Effective for taxable years beginning after December 31, 2018
Legislative Description
Relating To Individual Housing Accounts.
OHA Package
Last Action
Report adopted. referred to the committee(s) on FIN as amended in HD 2 with none voting aye with reservations; none voting no (0) and Representative(s) DeCoite, Ing, Nakamura, Onishi, Woodson excused (5).
2/16/2018