HI HB1957

Removes the $50,000 adjusted gross income cap for the low-income household renter tax credit and replaces the flat $50 credit with an income-tiered credit structure based on filing status.

Establishes three income-based credit tables with different thresholds for single/married filing separately, head of household, and married filing jointly filers, with credits phasing out at higher income levels.

Allows taxpayers age 65 and older to claim double the applicable tax credit amount.

Requires the Department of Taxation to automatically adjust credit amounts every five years beginning January 1, 2021, based on the average percentage change in the urban Hawaii consumer price index.

Takes effect July 1, 2025, and applies to taxable years beginning after December 31, 2020.