HI HB1507

Increases the capital gains tax rate from 7.25 percent to the highest marginal income tax rate applicable to the taxpayer's filing status and tax bracket for taxable years beginning after December 31, 2022.

Makes Hawaii's earned income tax credit refundable instead of nonrefundable, allowing taxpayers to receive refunds when the credit exceeds their income tax liability.

Makes the earned income tax credit permanent by removing the December 31, 2022 sunset provision, allowing it to apply to all taxable years beginning after December 31, 2017.

Establishes a $1 minimum threshold for refunds or payments of the earned income tax credit.

Takes effect on July 1, 2050.