HB 624 - Income Tax Reduction

• Reduces individual Hawaii income tax rate to zero for single filers earning under $150,000, married filers under $300,000, and head of household filers under $225,000

• Replaces existing graduated tax bracket structure with new brackets where income below specified thresholds is taxed at 0%, with rates of 9-11% applying only to income above those thresholds

• Applies to taxable years beginning after December 31, 2023

• Maintains existing tax treatment for capital gains and for multistate business entities with gross sales under $100,000