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HI SB597

Bill

Official Source

Status

Engrossed

3/7/2023

Primary Sponsor

Sharon Moriwaki

Click for details

Origin

Senate

2023 Regular Session

AI Summary

  • Excludes compensation received from deferred compensation retirement plans (including IRAs, 401(k), and 403(b) plans) from Hawaii state income tax for eligible taxpayers.

  • Limits the exclusion to individuals whose federal adjusted gross income is less than $30,000 (single filers), $45,000 (head of household), or $60,000 (joint filers or surviving spouses).

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

  • Effective date of January 1, 2050 for the Act itself, though the income exclusion provisions take effect immediately for tax year 2023 and beyond.

Legislative Description

Relating To Taxation.

Income Tax Exclusion

Last Action

The committee(s) on ECD recommend(s) that the measure be deferred.

3/22/2023

Committee Referrals

Economic Development3/9/2023
Ways and Means2/6/2023
Labor and Technology1/25/2023

Full Bill Text

No bill text available