HI HB1126

Increases the personal exemption amount for Hawaii individual income tax from $1,144 to $1,400 for taxable years beginning after December 31, 2023.

Requires biennial adjustments to the personal exemption amount effective every January 1, starting June 30, 2025, based on the percentage change in the Consumer Price Index for All Urban Consumers for Honolulu over the preceding two-year period.

Prevents the exemption amount from decreasing if the Consumer Price Index declines, maintaining the most recently established amount instead.

Applies to taxable years beginning after December 31, 2023.

Last personal exemption increase occurred in 2009 under Act 60, Session Laws of Hawaii 2009.