HI HB1177

Amends Hawaii Revised Statutes Section 235-55.6 to increase the household and dependent care services tax credit limits.

Increases the maximum creditable employment-related expenses from $2,400 to $4,800 for taxpayers with one qualifying individual.

Increases the maximum creditable employment-related expenses from $4,800 to $9,600 for taxpayers with two or more qualifying individuals.

Applies to taxable years beginning after December 31, 2020.

The credit amounts are reduced by any aggregate amounts excludable from gross income under Internal Revenue Code Section 129 for dependent care assistance programs.