HI SR73

Urges Hawaii's Congressional Delegation to introduce and support legislation to repeal the $10,000 cap on state and local tax (SALT) deductions established by the 2017 Tax Cuts and Jobs Act (Public Law 115-97).

Asserts the SALT cap increases state budget deficits and requires offsetting reductions in spending or increases in other revenues to maintain balanced budgets.

States the SALT cap disproportionately reduces after-tax income for Hawaii residents compared to residents in states with lower tax rates or cost of living due to the flat $10,000 limitation.

Notes the SALT cap fails to account for inflation or marital status in its calculation.

Requires certified copies of the resolution be transmitted to each member of Hawaii's Congressional Delegation.