HI SB2624

Creates tiered income brackets for the low-income household renters tax credit based on filing status (single, head of household, joint/surviving spouse), replacing the previous flat $50 credit per exemption.

Sets credit amounts ranging from $150 for lowest income brackets down to $0 for highest income brackets, with specific thresholds varying by filing status (e.g., $150 for single filers under $20,000; $0 for those earning $40,000 or more).

Requires annual adjustment of all dollar amounts in the credit table beginning in 2022 based on the urban Hawaii consumer price index compared to June 2020 levels, rounded to the nearest dollar.

Maintains existing eligibility requirements including minimum $1,000 rent payment threshold, principal residence in Hawaii, and allows double credits for taxpayers age 65 or older.

Applies to taxable years beginning after December 31, 2020.