HI SB514

Provides a general income tax credit to resident individual taxpayers for taxable year 2021, multiplied by the number of qualified exemptions (credit amount not specified in bill text).

Allows taxpayers with no income tax liability to receive refunds of excess credits; requires all claims be filed within 12 months of the taxable year or the right to claim is waived.

Excludes from the credit persons convicted of felonies and imprisoned for the full taxable year, youth offenders confined to a facility for the full taxable year, and misdemeanants jailed for the full taxable year.

Appropriates unspecified amounts from general revenues for fiscal year 2021-2022 to deposit into the emergency and budget reserve fund and the other post-employment benefits trust fund, as required by Hawaii Constitution article VII, section 6.

Takes effect July 1, 2021, with the tax credit provisions applying to taxable years beginning after December 31, 2020.