HI HB825

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

Applies only to individuals whose federal adjusted gross income is below specified thresholds: $30,000 (single/married filing separately), $45,000 (head of household), or $60,000 (joint/surviving spouse).

Adds a new subsection (13) to Hawaii Revised Statutes Section 235-7(a) to establish the income exclusion for retirement plan distributions.

Takes effect on June 30, 3000.