HI HB493

Amends Section 235-55.85 of Hawaii Revised Statutes to modify the refundable food/excise tax credit by adjusting adjusted gross income (AGI) brackets and credit amounts for taxpayers.

For single filers, raises the AGI threshold from $30,000 to $40,000 for the $20,000 and above income bracket before credits phase to $0.

For heads of household and married couples filing jointly, raises the AGI threshold from $50,000 to $70,000 for the $40,000 and above income bracket before credits phase to $0.

Credit amounts per exemption remain unspecified in the bill text (shown as blank underscores), indicating amounts were to be determined or filled in separately.

Takes effect on June 30, 3000 (appears to be a drafting error for a future date).