HI SB3124

Modifies Hawaii income tax rates for taxable years beginning after December 31, 2020, creating new tax brackets and rates for joint filers, heads of household, and single filers.

Introduces a 0% tax rate on the first $12,000 of income for all filer types, providing tax relief for lower-income earners.

Increases marginal tax rates on higher income brackets, with top rate rising to 11% on income over $350,000 for joint filers and over $175,000 for single filers.

Effective July 1, 2050, with application to taxable years beginning after December 31, 2020.