H.B. 150 Summary

• Amends Hawaii's personal income tax brackets and rates for joint filers, heads of household, and single filers effective for taxable years beginning after December 31, 2022.

• Creates new higher income tax brackets for high earners: introduces 12% rate for incomes over $450,000 (joint filers) and 13% top rate for incomes over $500,000 (joint filers).

• Adjusts tax bracket thresholds and rates across all filing categories, with top marginal rate increasing from 11% to 13% for joint filers and 11% to 13% for single filers on income above specified thresholds.

• Applies retroactively to taxable years beginning after December 31, 2022, requiring revised tax calculations for affected high-income taxpayers.