HI SB55

Increases income eligibility thresholds and credit amounts for the low-income household renter tax credit, which had not been substantially adjusted since 1989 and 1981 respectively.

Establishes tiered tax brackets based on filing status (single, head of household, joint) with phased credit amounts ranging from $0 to $200 per exemption depending on adjusted gross income level.

Allows taxpayers age 65 and over to claim double the tax credit amount for which they qualify.

Implements annual automatic adjustments to income thresholds and credit amounts based on the Consumer Price Index, measured July-to-July, beginning in tax year 2025.

Effective July 1, 2050, and applies to taxable years beginning after December 31, 2022.