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Bill > HB1662

HI HB1662

HI HB1662
Relating To A Child Tax Credit.

summary

Introduced
01/18/2024
In Committee
03/07/2024
Crossed Over
03/05/2024
Passed
Dead
05/03/2024

Introduced Session

2024 Regular Session

Bill Summary

Establishes a refundable child tax credit. Applies to taxable years beginning after 12/31/2024. Effective 7/1/3000. (HD1)

AI Summary

This bill establishes a refundable child tax credit in Hawaii. The credit amount varies based on the taxpayer's adjusted gross income, ranging from $X for those with income under $40,000 to $X for those with income of $115,000 and over. The credit can be claimed against the taxpayer's net income tax liability, and any excess credit over the amount of taxes owed will be refunded to the taxpayer. The bill requires the Department of Taxation to prepare forms, verify claims, alert eligible taxpayers, and submit annual reports on the credit. The bill applies to taxable years beginning after December 31, 2024 and takes effect on July 1, 3000.

Committee Categories

Budget and Finance, Health and Social Services

Sponsors (23)

Last Action

The committee on HHS deferred the measure. (on 03/18/2024)

Bill Topics

Macroeconomics
  • ‐ Taxation, Tax Policy, and Tax Reform
Social Welfare
  • ‐ Poverty and Assistance for Low-Income Families
(2 Companion Bills)

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