HI HB939

Increases annual contribution limit for individual housing accounts from $5,000 to $15,000 per individual taxpayer, and from $10,000 to $30,000 for married couples filing jointly.

Raises lifetime maximum account balance from $25,000 to $200,000 for individual accounts and from $25,000 to $200,000 for married couples with separate accounts.

Allows contributions to be deducted from taxable income to incentivize first-time homebuyers to save for down payments and closing costs on their first principal residence in Hawaii.

Modifies tax treatment by eliminating outdated provisions regarding pre-1990 account holders and clarifying that total disability is defined per section 235-1.

Effective date set for June 30, 3000 (appears to be a typographical error in the legislation).