HI HB634

Increases annual contribution limits to individual housing accounts from $5,000 to $15,000 for single filers and from $10,000 to $30,000 for married couples filing jointly.

Raises lifetime contribution caps from $25,000 to $200,000 per individual, allowing taxpayers to accumulate more savings for down payments and closing costs on first-time home purchases.

Allows taxpayers to deduct contributions to individual housing accounts from gross income, with interest earned on account balances excluded from taxable income.

Modifies total disability definition to reference HRS §235-1 instead of requiring director-specified proof documentation.

Applies to taxable years beginning after December 31, 2023, updating the program to reflect current Hawaii housing costs and encourage first-time homeownership.