HB 150 Summary

• Amends Hawaii income tax brackets and rates for taxable years beginning after December 31, 2022, creating new higher income thresholds and tax rates for joint filers, heads of household, and unmarried individuals.

• Establishes new tax bracket of 9.00% for joint filers with income over $96,000 but not over $200,000 (previously 8.25% up to $300,000), and increases rates for higher income brackets up to 13.00% for income over $500,000.

• For heads of household, creates 9.00% bracket for income over $72,000 but not over $150,000 (previously 8.25% up to $225,000), with top rate of 13.00% for income over $400,000.

• For unmarried individuals, establishes 9.00% bracket for income over $48,000 but not over $100,000 (previously 8.25% up to $150,000), with top rate of 13.00% for income over $300,000.

• Applies to all taxable years beginning after December 31, 2022.