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HI HB825
Bill
Status
1/25/2023
Primary Sponsor
Darius Kila
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AI Summary
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Excludes income from deferred compensation retirement plans (including IRAs, 401(k)s, and 403(b)s) from Hawaii state income tax for qualifying taxpayers.
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Applies only to individuals whose federal adjusted gross income is below specified thresholds: $30,000 for single filers, $45,000 for head of household, or $60,000 for joint filers.
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Adds this exclusion as a new subsection (13) to section 235-7 of the Hawaii Revised Statutes.
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Intended to address income inequity in retirement taxation and provide relief for struggling seniors in Hawaii.
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Effective date: June 30, 3000.
Legislative Description
Relating To Taxation.
Income Tax Exclusion
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and none excused (0).
2/15/2023