HI SR116

Encourages the legislature to re-evaluate the maximum claimable amount of the low-income household renters tax credit per taxpayer to address the shortage of affordable rental units for low-income households

Notes that the low-income household renters tax credit amount has remained unchanged since 1981, and the adjusted gross income ceiling has not been adjusted since 1989

Identifies that current law defines low-income taxpayers as those with adjusted gross income less than $30,000, which no longer reflects current income levels and housing costs

References 2018 HUD data showing that in Honolulu, single persons earning $65,350 and families of four earning $93,300 are considered low-income, with very low-income thresholds at $40,850 and $58,300 respectively

Directs that certified copies of this resolution be transmitted to the President of the Senate and Speaker of the House of Representatives