HI HB1469

Establishes a state income tax deduction for contributions made to college savings programs under section 529 of the Internal Revenue Code or Hawaii's chapter 256 program.

Allows annual deductions up to $4,000 for single filers and married couples filing separately, and up to $8,000 for married couples filing jointly, heads of household, or surviving spouses.

Only account owners in college savings programs may claim the deduction for their own contributions, and contributions are reduced by any withdrawals made for qualified higher education expenses in the same year.

Permits excess contributions exceeding the annual deduction limit to be carried forward and deducted over up to four subsequent tax years.

Applies to taxable years beginning after December 31, 2020, with an effective date of July 1, 2050.