H.B. 1662 - Refundable Child Tax Credit

• Establishes a refundable state child tax credit for qualifying individual taxpayers with dependents under age 18.

• Credit amount varies by adjusted gross income, ranging from income brackets under $40,000 up to $115,000 and over, with specific dollar amounts per dependent to be determined (table values not filled in bill text).

• Credit is fully refundable, meaning excess credits over income tax liability will be refunded to taxpayers, including those with no income tax liability in amounts of $1 or more.

• Requires taxpayers to file federal and Hawaii income tax returns claiming the same filing status and dependents on both returns to qualify.

• Takes effect July 1, 3000, and applies to taxable years beginning after December 31, 2024; requires Director of Taxation to prepare forms, alert eligible taxpayers, and submit annual public reports on credit usage.