Loading chat...
HI SB325
Bill
Status
Engrossed
2/27/2025
Primary Sponsor
Donovan Cruz
Click for details
AI Summary
- Creates a refundable income tax credit for Hawaii resident individual taxpayers for taxable year 2025, multiplied by the number of qualified exemptions claimed (dollar amount left blank in bill)
- Requires residents to have lived in Hawaii for at least nine months to qualify; excludes individuals incarcerated for the full taxable year and those claimed as dependents
- Appropriates unspecified amounts to the emergency and budget reserve fund and the other post-employment benefits trust fund for fiscal year 2025-2026
- Implements Article VII, Section 6 of the Hawaii State Constitution, which mandates disposal of excess general fund revenues after two successive fiscal years meeting certain thresholds
- Tax credit claims must be filed within 12 months after the close of the taxable year or the credit is forfeited; effective date set as July 1, 3000 (placeholder date)
Legislative Description
Relating To The General Fund.
Appropriation ($)
Last Action
Carried over to 2026 Regular Session.
12/8/2025
Committee Referrals
Finance3/4/2025
Ways and Means1/21/2025
Full Bill Text
No bill text available