Bill > SB2660

This bill establishes a refundable child tax credit in Hawaii. The credit ranges from $650 per child for households with adjusted gross income (AGI) under $40,000 to $65 per child for AGIs between $100,000 and $115,000. Households with AGIs over $115,000 are not eligible. The credit can be claimed against the taxpayer's net income tax liability, and any excess credit over the tax owed will be refunded to the taxpayer. The bill requires the Department of Taxation to prepare the necessary forms, provide proof of the claim, notify eligible taxpayers, and submit an annual report on the credits granted. The bill applies to taxable years beginning after December 31, 2024.