HI HB694

Establishes a new refundable state child tax credit for Hawaii taxpayers with dependents under age 18 who also claim the federal child tax credit

Credit amounts range from $650 per dependent for households earning under $40,000 to $65 per dependent for incomes between $100,000-$115,000, with no credit for incomes of $115,000 or more

Credit is fully refundable, meaning taxpayers with no tax liability can still receive the full credit amount as a payment

Applies to taxable years beginning after December 31, 2025

Requires the Director of Taxation to submit annual reports to the governor and legislature on the number of credits granted, total amounts, and average credit values by income range