HI HB939

Increases annual contribution limit for individual housing accounts from $5,000 to $15,000 per individual taxpayer, or from $10,000 to $30,000 for married couples filing jointly.

Raises lifetime maximum account balance from $25,000 to $200,000 per individual or $200,000 combined for married couples with separate accounts.

Allows account holders to deduct contributions from gross income to incentivize saving for down payments and closing costs on first-time home purchases in Hawaii.

Maintains existing requirements that accounts be held in insured financial institutions, distributions occur within 120 months of first contribution, and funds be used only for Hawaii primary residence purchases.

Clarifies total disability definition by reference to Section 235-1 and removes outdated transition provisions related to accounts established before January 1, 1990.