Hawaii 2025 Regular Session

Hawaii House Bill HB928 Compare Versions

Only one version of the bill is available at this time.

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1	1	HOUSE OF REPRESENTATIVES H.B. NO. 928 THIRTY-THIRD LEGISLATURE, 2025 STATE OF HAWAII A BILL FOR AN ACT RELATING TO INCOME TAX. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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3	3	HOUSE OF REPRESENTATIVES H.B. NO. 928
4	4	THIRTY-THIRD LEGISLATURE, 2025
5	5	STATE OF HAWAII
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7	7	HOUSE OF REPRESENTATIVES
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9	9	H.B. NO.
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11	11	928
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13	13	THIRTY-THIRD LEGISLATURE, 2025
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17	17	STATE OF HAWAII
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31	31	A BILL FOR AN ACT
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37	37	RELATING TO INCOME TAX.
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43	43	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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47	47	SECTION 1. The legislature finds that over the past several decades, income inequality has worsened in the State. According to the Center on Budget and Policy Priorities, since the 1970s, incomes for the State's richest households have grown at double the rate of middle-class households, and at almost five times the rate of the State's poorest households. As income gains have increasingly gone to the highest earners, wages have stagnated for most workers. The legislature also finds that while the State's highest‑earning households have enjoyed the benefits of these trends, they have not borne the appropriate corresponding burden. A 2024 report by the Institute on Taxation and Economic Policy found that the top twenty per cent of income earners in the State paid a substantially lower share of household income in taxes than the bottom eighty per cent. This state of affairs allows the highest income earners to amass wealth, and the power that comes with it, without paying their fair share of taxes in return. Moreover, it saddles the State's working families with the burden of paying a greater portion of their household income in taxes, though they can ill afford to do so. The legislature further finds that Nobel Prize winning economist Joseph Stiglitz has called an increase in the top marginal income tax rates "[t]he most obvious reform . . . [to] both raise needed revenues and soften America's extreme and harmful inequality." According to the Center on Budget and Policy Priorities, evidence indicates that increasing the personal income tax rates for the highest earners "can generate substantial revenue for public investments that boost a state's productivity in the long run, without harming economic growth in the short term." The increased revenues derived from an increased tax rate for the highest earners would strengthen the State's economy by funding essential public goods and services and provide benefits to families at all income levels, whether by helping to create private wealth through research grants and small business subsidies, or by providing essential government programs that make it easier for working families to achieve upward mobility. By simply paying their fair share, the State's highest earners will be helping to fund investments in people and communities that will provide long-term social and economic benefits to the State. Accordingly, the purpose of this Act is to increase the income tax rate on the highest income earners in the State by establishing a new income tax bracket for taxable years beginning after December 31, 2029. SECTION 2. Section 235-51, Hawaii Revised Statutes, is amended by amending subsections (a), (b), and (c) to read as follows: "(a) There is hereby imposed on the taxable income of every: (1) Taxpayer who files a joint return under section 235‑93; and (2) Surviving spouse, a tax determined in accordance with the following table: In the case of any taxable year beginning after December 31, 2017: If the taxable income is: The tax shall be: Not over $4,800 1.40% of taxable income Over $4,800 but $67.00 plus 3.20% of not over $9,600 excess over $4,800 Over $9,600 but $221.00 plus 5.50% of not over $19,200 excess over $9,600 Over $19,200 but $749.00 plus 6.40% of not over $28,800 excess over $19,200 Over $28,800 but $1,363.00 plus 6.80% of not over $38,400 excess over $28,800 Over $38,400 but $2,016.00 plus 7.20% of not over $48,000 excess over $38,400 Over $48,000 but $2,707.00 plus 7.60% of not over $72,000 excess over $48,000 Over $72,000 but $4,531.00 plus 7.90% of not over $96,000 excess over $72,000 Over $96,000 but $6,427.00 plus 8.25% of not over $300,000 excess over $96,000 Over $300,000 but $23,257.00 plus 9.00% of not over $350,000 excess over $300,000 Over $350,000 but $27,757.00 plus 10.00% of not over $400,000 excess over $350,000 Over $400,000 $32,757.00 plus 11.00% of excess over $400,000. In the case of any taxable year beginning after December 31, 2024: If the taxable income is: The tax shall be: Not over $19,200 1.40% of taxable income Over $19,200 but $269.00 plus 3.20% of not over $28,800 excess over $19,200 Over $28,800 but $576.00 plus 5.50% of not over $38,400 excess over $28,800 Over $38,400 but $1,104.00 plus 6.40% of not over $48,000 excess over $38,400 Over $48,000 but $1,718.00 plus 6.80% of not over $72,000 excess over $48,000 Over $72,000 but $3,350.00 plus 7.20% of not over $96,000 excess over $72,000 Over $96,000 but $5,078.00 plus 7.60% of not over $250,000 excess over $96,000 Over $250,000 but $16,782.00 plus 7.90% of not over $350,000 excess over $250,000 Over $350,000 but $24,682.00 plus 8.25% of not over $450,000 excess over $350,000 Over $450,000 but $32,932.00 plus 9.00% of not over $550,000 excess over $450,000 Over $550,000 but $41,932.00 plus 10.00% of not over $650,000 excess over $550,000 Over $650,000 $51,932.00 plus 11.00% of excess over $650,000. In the case of any taxable year beginning after December 31, 2026: If the taxable income is: The tax shall be: Not over $28,800 1.40% of taxable income Over $28,800 but $403.00 plus 3.20% of not over $38,400 excess over $28,800 Over $38,400 but $710.00 plus 5.50% of not over $48,000 excess over $38,400 Over $48,000 but $1,238.00 plus 6.40% of not over $72,000 excess over $48,000 Over $72,000 but $2,774.00 plus 6.80% of not over $96,000 excess over $72,000 Over $96,000 but $4,406.00 plus 7.20% of not over $250,000 excess over $96,000 Over $250,000 but $15,494.00 plus 7.60% of not over $350,000 excess over $250,000 Over $350,000 but $23,094.00 plus 7.90% of not over $450,000 excess over $350,000 Over $450,000 but $30,994.00 plus 8.25% of not over $550,000 excess over $450,000 Over $550,000 but $39,244.00 plus 9.00% of not over $650,000 excess over $550,000 Over $650,000 but $48,244.00 plus 10.00% of not over $800,000 excess over $650,000 Over $800,000 $63,244.00 plus 11.00% of excess over $800,000. In the case of any taxable year beginning after December 31, 2028: If the taxable income is: The tax shall be: Not over $38,400 1.40% of taxable income Over $38,400 but $538.00 plus 3.20% of not over $48,000 excess over $38,400 Over $48,000 but $845.00 plus 5.50% of not over $72,000 excess over $48,000 Over $72,000 but $2,165.00 plus 6.40% of not over $96,000 excess over $72,000 Over $96,000 but $3,701.00 plus 6.80% of not over $250,000 excess over $96,000 Over $250,000 but $14,173.00 plus 7.20% of not over $350,000 excess over $250,000 Over $350,000 but $21,373.00 plus 7.60% of not over $450,000 excess over $350,000 Over $450,000 but $28,973.00 plus 7.90% of not over $550,000 excess over $450,000 Over $550,000 but $36,873.00 plus 8.25% of not over $650,000 excess over $550,000 Over $650,000 but $45,123.00 plus 9.00% of not over $800,000 excess over $650,000 Over $800,000 but $58,623.00 plus 10.00% of not over $950,000 excess over $800,000 Over $950,000 $73,623.00 plus 11.00% of excess over $950,000. In the case of any taxable year beginning after December 31, 2029: If the taxable income is: The tax shall be: Over $1,900,000 $147,246.00 plus 16.00% of excess over $1,900,000. (b) There is hereby imposed on the taxable income of every head of a household a tax determined in accordance with the following table: In the case of any taxable year beginning after December 31, 2017: If the taxable income is: The tax shall be: Not over $3,600 1.40% of taxable income Over $3,600 but $50.00 plus 3.20% of not over $7,200 excess over $3,600 Over $7,200 but $166.00 plus 5.50% of not over $14,400 excess over $7,200 Over $14,400 but $562.00 plus 6.40% of not over $21,600 excess over $14,400 Over $21,600 but $1,022.00 plus 6.80% of not over $28,800 excess over $21,600 Over $28,800 but $1,512.00 plus 7.20% of not over $36,000 excess over $28,800 Over $36,000 but $2,030.00 plus 7.60% of not over $54,000 excess over $36,000 Over $54,000 but $3,398.00 plus 7.90% of not over $72,000 excess over $54,000 Over $72,000 but $4,820.00 plus 8.25% of not over $225,000 excess over $72,000 Over $225,000 but $17,443.00 plus 9.00% of not over $262,500 excess over $225,000 Over $262,500 but $20,818.00 plus 10.00% of not over $300,000 excess over $262,500 Over $300,000 $24,568.00 plus 11.00% of excess over $300,000. In the case of any taxable year beginning after December 31, 2024: If the taxable income is: The tax shall be: Not over $14,400 1.40% of taxable income Over $14,400 but $202.00 plus 3.20% of not over $21,600 excess over $14,400 Over $21,600 but $432.00 plus 5.50% of not over $28,800 excess over $21,600 Over $28,800 but $828.00 plus 6.40% of not over $36,000 excess over $28,800 Over $36,000 but $1,289.00 plus 6.80% of not over $54,000 excess over $36,000 Over $54,000 but $2,513.00 plus 7.20% of not over $72,000 excess over $54,000 Over $72,000 but $3,809.00 plus 7.60% of not over $187,500 excess over $72,000 Over $187,500 but $12,587.00 plus 7.90% of not over $262,500 excess over $187,500 Over $262,500 but $18,512.00 plus 8.25% of not over $337,500 excess over $262,500 Over $337,500 but $24,699.00 plus 9.00% of not over $412,500 excess over $337,500 Over $412,500 but $31,449.00 plus 10.00% of not over $487,500 excess over $412,500 Over $487,500 $38,949.00 plus 11.00% of excess over $487,500. In the case of any taxable year beginning after December 31, 2026: If the taxable income is: The tax shall be: Not over $21,600 1.40% of taxable income Over $21,600 but $302.00 plus 3.20% of not over $28,800 excess over $21,600 Over $28,800 but $533.00 plus 5.50% of not over $36,000 excess over $28,800 Over $36,000 but $929.00 plus 6.40% of not over $54,000 excess over $36,000 Over $54,000 but $2,081.00 plus 6.80% of not over $72,000 excess over $54,000 Over $72,000 but $3,305.00 plus 7.20% of not over $187,500 excess over $72,000 Over $187,500 but $11,621.00 plus 7.60% of not over $262,500 excess over $187,500 Over $262,500 but $17,321.00 plus 7.90% of not over $337,500 excess over $262,500 Over $337,500 but $23,246.00 plus 8.25% of not over $412,500 excess over $337,500 Over $412,500 but $29,433.00 plus 9.00% of not over $487,500 excess over $412,500 Over $487,500 but $36,183.00 plus 10.00% of not over $600,000 excess over $487,500 Over $600,000 $47,433.00 plus 11.00% of excess over $600,000. In the case of any taxable year beginning after December 31, 2028: If the taxable income is: The tax shall be: Not over $28,800 1.40% of taxable income Over $28,800 but $403.00 plus 3.20% of not over $36,000 excess over $28,800 Over $36,000 but $634.00 plus 5.50% of not over $54,000 excess over $36,000 Over $54,000 but $1,624.00 plus 6.40% of not over $72,000 excess over $54,000 Over $72,000 but $2,776.00 plus 6.80% of not over $187,500 excess over $72,000 Over $187,500 but $10,630.00 plus 7.20% of not over $262,500 excess over $187,500 Over $262,500 but $16,030.00 plus 7.60% of not over $337,500 excess over $262,500 Over $337,500 but $21,730.00 plus 7.90% of not over $412,500 excess over $337,500 Over $412,500 but $27,655.00 plus 8.25% of not over $487,500 excess over $412,500 Over $487,500 but $33,842.00 plus 9.00% of not over $600,000 excess over $487,500 Over $600,000 but $43,967.00 plus 10.00% of not over $712,500 excess over $600,000 Over $712,500 $55,217.00 plus 11.00% of excess over $712,500. In the case of any taxable year beginning after December 31, 2029: If the taxable income is: The tax shall be: Over $1,425,000 $110,434.00 plus 16.00% of excess over $1,425,000. (c) There is hereby imposed on the taxable income of (1) every unmarried individual (other than a surviving spouse, or the head of a household) and (2) on the taxable income of every married individual who does not make a single return jointly with the individual's spouse under section 235-93 a tax determined in accordance with the following table: In the case of any taxable year beginning after December 31, 2017: If the taxable income is: The tax shall be: Not over $2,400 1.40% of taxable income Over $2,400 but $34.00 plus 3.20% of not over $4,800 excess over $2,400 Over $4,800 but $110.00 plus 5.50% of not over $9,600 excess over $4,800 Over $9,600 but $374.00 plus 6.40% of not over $14,400 excess over $9,600 Over $14,400 but $682.00 plus 6.80% of not over $19,200 excess over $14,400 Over $19,200 but $1,008.00 plus 7.20% of not over $24,000 excess over $19,200 Over $24,000 but $1,354.00 plus 7.60% of not over $36,000 excess over $24,000 Over $36,000 but $2,266.00 plus 7.90% of not over $48,000 excess over $36,000 Over $48,000 but $3,214.00 plus 8.25% of not over $150,000 excess over $48,000 Over $150,000 but $11,629.00 plus 9.00% of not over $175,000 excess over $150,000 Over $175,000 but $13,879.00 plus 10.00% of not over $200,000 excess over $175,000 Over $200,000 $16,379.00 plus 11.00% of excess over $200,000. In the case of any taxable year beginning after December 31, 2024: If the taxable income is: The tax shall be: Not over $9,600 1.40% of taxable income Over $9,600 but $134.00 plus 3.20% of not over $14,400 excess over $9,600 Over $14,400 but $288.00 plus 5.50% of not over $19,200 excess over $14,400 Over $19,200 but $552.00 plus 6.40% of not over $24,000 excess over $19,200 Over $24,000 but $859.00 plus 6.80% of not over $36,000 excess over $24,000 Over $36,000 but $1,675.00 plus 7.20% of not over $48,000 excess over $36,000 Over $48,000 but $2,539.00 plus 7.60% of not over $125,000 excess over $48,000 Over $125,000 but $8,391.00 plus 7.90% of not over $175,000 excess over $125,000 Over $175,000 but $12,341.00 plus 8.25% of not over $225,000 excess over $175,000 Over $225,000 but $16,466.00 plus 9.00% of not over $275,000 excess over $225,000 Over $275,000 but $20,966.00 plus 10.00% of not over $325,000 excess over $275,000 Over $325,000 $25,966.00 plus 11.00% of excess over $325,000. In the case of any taxable year beginning after December 31, 2026: If the taxable income is: The tax shall be: Not over $14,400 1.40% of taxable income Over $14,400 but $202.00 plus 3.20% of not over $19,200 excess over $14,400 Over $19,200 but $355.00 plus 5.50% of not over $24,000 excess over $19,200 Over $24,000 but $619.00 plus 6.40% of not over $36,000 excess over $24,000 Over $36,000 but $1,387.00 plus 6.80% of not over $48,000 excess over $36,000 Over $48,000 but $2,203.00 plus 7.20% of not over $125,000 excess over $48,000 Over $125,000 but $7,747.00 plus 7.60% of not over $175,000 excess over $125,000 Over $175,000 but $11,547.00 plus 7.90% of not over $225,000 excess over $175,000 Over $225,000 but $15,497.00 plus 8.25% of not over $275,000 excess over $225,000 Over $275,000 but $19,622.00 plus 9.00% of not over $325,000 excess over $275,000 Over $325,000 but $24,122.00 plus 10.00% of not over $400,000 excess over $325,000 Over $400,000 $31,622.00 plus 11.00% of excess over $400,000. In the case of any taxable year beginning after December 31, 2028: If the taxable income is: The tax shall be: Not over $19,200 1.40% of taxable income Over $19,200 but $269.00 plus 3.20% of not over $24,000 excess over $19,200 Over $24,000 but $422.00 plus 5.50% of not over $36,000 excess over $24,000 Over $36,000 but $1,082.00 plus 6.40% of not over $48,000 excess over $36,000 Over $48,000 but $1,850.00 plus 6.80% of not over $125,000 excess over $48,000 Over $125,000 but $7,086.00 plus 7.20% of not over $175,000 excess over $125,000 Over $175,000 but $10,686.00 plus 7.60% of not over $225,000 excess over $175,000 Over $225,000 but $14,486.00 plus 7.90% of not over $275,000 excess over $225,000 Over $275,000 but $18,436.00 plus 8.25% of not over $325,000 excess over $275,000 Over $325,000 but $22,561.00 plus 9.00% of not over $400,000 excess over $325,000 Over $400,000 but $29,311.00 plus 10.00% of not over $475,000 excess over $400,000 Over $475,000 $36,811.00 plus 11.00% of excess over $475,000. In the case of any taxable year beginning after December 31, 2029: If the taxable income is: The tax shall be: Over $950,000 $73,622.00 plus 16.00% of excess over $950,000." SECTION 3. New statutory material is underscored. SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2029. INTRODUCED BY: _____________________________
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49	49	SECTION 1. The legislature finds that over the past several decades, income inequality has worsened in the State. According to the Center on Budget and Policy Priorities, since the 1970s, incomes for the State's richest households have grown at double the rate of middle-class households, and at almost five times the rate of the State's poorest households. As income gains have increasingly gone to the highest earners, wages have stagnated for most workers.
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51	51	The legislature also finds that while the State's highest‑earning households have enjoyed the benefits of these trends, they have not borne the appropriate corresponding burden. A 2024 report by the Institute on Taxation and Economic Policy found that the top twenty per cent of income earners in the State paid a substantially lower share of household income in taxes than the bottom eighty per cent. This state of affairs allows the highest income earners to amass wealth, and the power that comes with it, without paying their fair share of taxes in return. Moreover, it saddles the State's working families with the burden of paying a greater portion of their household income in taxes, though they can ill afford to do so.
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53	53	The legislature further finds that Nobel Prize winning economist Joseph Stiglitz has called an increase in the top marginal income tax rates "[t]he most obvious reform . . . [to] both raise needed revenues and soften America's extreme and harmful inequality." According to the Center on Budget and Policy Priorities, evidence indicates that increasing the personal income tax rates for the highest earners "can generate substantial revenue for public investments that boost a state's productivity in the long run, without harming economic growth in the short term." The increased revenues derived from an increased tax rate for the highest earners would strengthen the State's economy by funding essential public goods and services and provide benefits to families at all income levels, whether by helping to create private wealth through research grants and small business subsidies, or by providing essential government programs that make it easier for working families to achieve upward mobility. By simply paying their fair share, the State's highest earners will be helping to fund investments in people and communities that will provide long-term social and economic benefits to the State.
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55	55	Accordingly, the purpose of this Act is to increase the income tax rate on the highest income earners in the State by establishing a new income tax bracket for taxable years beginning after December 31, 2029.
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57	57	SECTION 2. Section 235-51, Hawaii Revised Statutes, is amended by amending subsections (a), (b), and (c) to read as follows:
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59	59	"(a) There is hereby imposed on the taxable income of every:
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61	61	(1) Taxpayer who files a joint return under section 235‑93; and
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63	63	(2) Surviving spouse,
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65	65	a tax determined in accordance with the following table:
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67	67	In the case of any taxable year beginning after December 31, 2017:
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69	69	If the taxable income is: The tax shall be:
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71	71	Not over $4,800 1.40% of taxable income
72	72
73	73	Over $4,800 but $67.00 plus 3.20% of
74	74
75	75	not over $9,600 excess over $4,800
76	76
77	77	Over $9,600 but $221.00 plus 5.50% of
78	78
79	79	not over $19,200 excess over $9,600
80	80
81	81	Over $19,200 but $749.00 plus 6.40% of
82	82
83	83	not over $28,800 excess over $19,200
84	84
85	85	Over $28,800 but $1,363.00 plus 6.80% of
86	86
87	87	not over $38,400 excess over $28,800
88	88
89	89	Over $38,400 but $2,016.00 plus 7.20% of
90	90
91	91	not over $48,000 excess over $38,400
92	92
93	93	Over $48,000 but $2,707.00 plus 7.60% of
94	94
95	95	not over $72,000 excess over $48,000
96	96
97	97	Over $72,000 but $4,531.00 plus 7.90% of
98	98
99	99	not over $96,000 excess over $72,000
100	100
101	101	Over $96,000 but $6,427.00 plus 8.25% of
102	102
103	103	not over $300,000 excess over $96,000
104	104
105	105	Over $300,000 but $23,257.00 plus 9.00% of
106	106
107	107	not over $350,000 excess over $300,000
108	108
109	109	Over $350,000 but $27,757.00 plus 10.00% of
110	110
111	111	not over $400,000 excess over $350,000
112	112
113	113	Over $400,000 $32,757.00 plus 11.00% of
114	114
115	115	excess over $400,000.
116	116
117	117	In the case of any taxable year beginning after December 31, 2024:
118	118
119	119	If the taxable income is: The tax shall be:
120	120
121	121	Not over $19,200 1.40% of taxable income
122	122
123	123	Over $19,200 but $269.00 plus 3.20% of
124	124
125	125	not over $28,800 excess over $19,200
126	126
127	127	Over $28,800 but $576.00 plus 5.50% of
128	128
129	129	not over $38,400 excess over $28,800
130	130
131	131	Over $38,400 but $1,104.00 plus 6.40% of
132	132
133	133	not over $48,000 excess over $38,400
134	134
135	135	Over $48,000 but $1,718.00 plus 6.80% of
136	136
137	137	not over $72,000 excess over $48,000
138	138
139	139	Over $72,000 but $3,350.00 plus 7.20% of
140	140
141	141	not over $96,000 excess over $72,000
142	142
143	143	Over $96,000 but $5,078.00 plus 7.60% of
144	144
145	145	not over $250,000 excess over $96,000
146	146
147	147	Over $250,000 but $16,782.00 plus 7.90% of
148	148
149	149	not over $350,000 excess over $250,000
150	150
151	151	Over $350,000 but $24,682.00 plus 8.25% of
152	152
153	153	not over $450,000 excess over $350,000
154	154
155	155	Over $450,000 but $32,932.00 plus 9.00% of
156	156
157	157	not over $550,000 excess over $450,000
158	158
159	159	Over $550,000 but $41,932.00 plus 10.00% of
160	160
161	161	not over $650,000 excess over $550,000
162	162
163	163	Over $650,000 $51,932.00 plus 11.00% of
164	164
165	165	excess over $650,000.
166	166
167	167	In the case of any taxable year beginning after December 31, 2026:
168	168
169	169	If the taxable income is: The tax shall be:
170	170
171	171	Not over $28,800 1.40% of taxable income
172	172
173	173	Over $28,800 but $403.00 plus 3.20% of
174	174
175	175	not over $38,400 excess over $28,800
176	176
177	177	Over $38,400 but $710.00 plus 5.50% of
178	178
179	179	not over $48,000 excess over $38,400
180	180
181	181	Over $48,000 but $1,238.00 plus 6.40% of
182	182
183	183	not over $72,000 excess over $48,000
184	184
185	185	Over $72,000 but $2,774.00 plus 6.80% of
186	186
187	187	not over $96,000 excess over $72,000
188	188
189	189	Over $96,000 but $4,406.00 plus 7.20% of
190	190
191	191	not over $250,000 excess over $96,000
192	192
193	193	Over $250,000 but $15,494.00 plus 7.60% of
194	194
195	195	not over $350,000 excess over $250,000
196	196
197	197	Over $350,000 but $23,094.00 plus 7.90% of
198	198
199	199	not over $450,000 excess over $350,000
200	200
201	201	Over $450,000 but $30,994.00 plus 8.25% of
202	202
203	203	not over $550,000 excess over $450,000
204	204
205	205	Over $550,000 but $39,244.00 plus 9.00% of
206	206
207	207	not over $650,000 excess over $550,000
208	208
209	209	Over $650,000 but $48,244.00 plus 10.00% of
210	210
211	211	not over $800,000 excess over $650,000
212	212
213	213	Over $800,000 $63,244.00 plus 11.00% of
214	214
215	215	excess over $800,000.
216	216
217	217	In the case of any taxable year beginning after December 31, 2028:
218	218
219	219	If the taxable income is: The tax shall be:
220	220
221	221	Not over $38,400 1.40% of taxable income
222	222
223	223	Over $38,400 but $538.00 plus 3.20% of
224	224
225	225	not over $48,000 excess over $38,400
226	226
227	227	Over $48,000 but $845.00 plus 5.50% of
228	228
229	229	not over $72,000 excess over $48,000
230	230
231	231	Over $72,000 but $2,165.00 plus 6.40% of
232	232
233	233	not over $96,000 excess over $72,000
234	234
235	235	Over $96,000 but $3,701.00 plus 6.80% of
236	236
237	237	not over $250,000 excess over $96,000
238	238
239	239	Over $250,000 but $14,173.00 plus 7.20% of
240	240
241	241	not over $350,000 excess over $250,000
242	242
243	243	Over $350,000 but $21,373.00 plus 7.60% of
244	244
245	245	not over $450,000 excess over $350,000
246	246
247	247	Over $450,000 but $28,973.00 plus 7.90% of
248	248
249	249	not over $550,000 excess over $450,000
250	250
251	251	Over $550,000 but $36,873.00 plus 8.25% of
252	252
253	253	not over $650,000 excess over $550,000
254	254
255	255	Over $650,000 but $45,123.00 plus 9.00% of
256	256
257	257	not over $800,000 excess over $650,000
258	258
259	259	Over $800,000 but $58,623.00 plus 10.00% of
260	260
261	261	not over $950,000 excess over $800,000
262	262
263	263	Over $950,000 $73,623.00 plus 11.00% of
264	264
265	265	excess over $950,000.
266	266
267	267	In the case of any taxable year beginning after December 31, 2029:
268	268
269	269	If the taxable income is: The tax shall be:
270	270
271	271	Over $1,900,000 $147,246.00 plus 16.00% of excess over $1,900,000.
272	272
273	273	(b) There is hereby imposed on the taxable income of every head of a household a tax determined in accordance with the following table:
274	274
275	275	In the case of any taxable year beginning after December 31, 2017:
276	276
277	277	If the taxable income is: The tax shall be:
278	278
279	279	Not over $3,600 1.40% of taxable income
280	280
281	281	Over $3,600 but $50.00 plus 3.20% of
282	282
283	283	not over $7,200 excess over $3,600
284	284
285	285	Over $7,200 but $166.00 plus 5.50% of
286	286
287	287	not over $14,400 excess over $7,200
288	288
289	289	Over $14,400 but $562.00 plus 6.40% of
290	290
291	291	not over $21,600 excess over $14,400
292	292
293	293	Over $21,600 but $1,022.00 plus 6.80% of
294	294
295	295	not over $28,800 excess over $21,600
296	296
297	297	Over $28,800 but $1,512.00 plus 7.20% of
298	298
299	299	not over $36,000 excess over $28,800
300	300
301	301	Over $36,000 but $2,030.00 plus 7.60% of
302	302
303	303	not over $54,000 excess over $36,000
304	304
305	305	Over $54,000 but $3,398.00 plus 7.90% of
306	306
307	307	not over $72,000 excess over $54,000
308	308
309	309	Over $72,000 but $4,820.00 plus 8.25% of
310	310
311	311	not over $225,000 excess over $72,000
312	312
313	313	Over $225,000 but $17,443.00 plus 9.00% of
314	314
315	315	not over $262,500 excess over $225,000
316	316
317	317	Over $262,500 but $20,818.00 plus 10.00% of
318	318
319	319	not over $300,000 excess over $262,500
320	320
321	321	Over $300,000 $24,568.00 plus 11.00% of
322	322
323	323	excess over $300,000.
324	324
325	325	In the case of any taxable year beginning after December 31, 2024:
326	326
327	327	If the taxable income is: The tax shall be:
328	328
329	329	Not over $14,400 1.40% of taxable income
330	330
331	331	Over $14,400 but $202.00 plus 3.20% of
332	332
333	333	not over $21,600 excess over $14,400
334	334
335	335	Over $21,600 but $432.00 plus 5.50% of
336	336
337	337	not over $28,800 excess over $21,600
338	338
339	339	Over $28,800 but $828.00 plus 6.40% of
340	340
341	341	not over $36,000 excess over $28,800
342	342
343	343	Over $36,000 but $1,289.00 plus 6.80% of
344	344
345	345	not over $54,000 excess over $36,000
346	346
347	347	Over $54,000 but $2,513.00 plus 7.20% of
348	348
349	349	not over $72,000 excess over $54,000
350	350
351	351	Over $72,000 but $3,809.00 plus 7.60% of
352	352
353	353	not over $187,500 excess over $72,000
354	354
355	355	Over $187,500 but $12,587.00 plus 7.90% of
356	356
357	357	not over $262,500 excess over $187,500
358	358
359	359	Over $262,500 but $18,512.00 plus 8.25% of
360	360
361	361	not over $337,500 excess over $262,500
362	362
363	363	Over $337,500 but $24,699.00 plus 9.00% of
364	364
365	365	not over $412,500 excess over $337,500
366	366
367	367	Over $412,500 but $31,449.00 plus 10.00% of
368	368
369	369	not over $487,500 excess over $412,500
370	370
371	371	Over $487,500 $38,949.00 plus 11.00% of
372	372
373	373	excess over $487,500.
374	374
375	375	In the case of any taxable year beginning after December 31, 2026:
376	376
377	377	If the taxable income is: The tax shall be:
378	378
379	379	Not over $21,600 1.40% of taxable income
380	380
381	381	Over $21,600 but $302.00 plus 3.20% of
382	382
383	383	not over $28,800 excess over $21,600
384	384
385	385	Over $28,800 but $533.00 plus 5.50% of
386	386
387	387	not over $36,000 excess over $28,800
388	388
389	389	Over $36,000 but $929.00 plus 6.40% of
390	390
391	391	not over $54,000 excess over $36,000
392	392
393	393	Over $54,000 but $2,081.00 plus 6.80% of
394	394
395	395	not over $72,000 excess over $54,000
396	396
397	397	Over $72,000 but $3,305.00 plus 7.20% of
398	398
399	399	not over $187,500 excess over $72,000
400	400
401	401	Over $187,500 but $11,621.00 plus 7.60% of
402	402
403	403	not over $262,500 excess over $187,500
404	404
405	405	Over $262,500 but $17,321.00 plus 7.90% of
406	406
407	407	not over $337,500 excess over $262,500
408	408
409	409	Over $337,500 but $23,246.00 plus 8.25% of
410	410
411	411	not over $412,500 excess over $337,500
412	412
413	413	Over $412,500 but $29,433.00 plus 9.00% of
414	414
415	415	not over $487,500 excess over $412,500
416	416
417	417	Over $487,500 but $36,183.00 plus 10.00% of
418	418
419	419	not over $600,000 excess over $487,500
420	420
421	421	Over $600,000 $47,433.00 plus 11.00% of
422	422
423	423	excess over $600,000.
424	424
425	425	In the case of any taxable year beginning after December 31, 2028:
426	426
427	427	If the taxable income is: The tax shall be:
428	428
429	429	Not over $28,800 1.40% of taxable income
430	430
431	431	Over $28,800 but $403.00 plus 3.20% of
432	432
433	433	not over $36,000 excess over $28,800
434	434
435	435	Over $36,000 but $634.00 plus 5.50% of
436	436
437	437	not over $54,000 excess over $36,000
438	438
439	439	Over $54,000 but $1,624.00 plus 6.40% of
440	440
441	441	not over $72,000 excess over $54,000
442	442
443	443	Over $72,000 but $2,776.00 plus 6.80% of
444	444
445	445	not over $187,500 excess over $72,000
446	446
447	447	Over $187,500 but $10,630.00 plus 7.20% of
448	448
449	449	not over $262,500 excess over $187,500
450	450
451	451	Over $262,500 but $16,030.00 plus 7.60% of
452	452
453	453	not over $337,500 excess over $262,500
454	454
455	455	Over $337,500 but $21,730.00 plus 7.90% of not over $412,500 excess over $337,500
456	456
457	457	Over $412,500 but $27,655.00 plus 8.25% of
458	458
459	459	not over $487,500 excess over $412,500
460	460
461	461	Over $487,500 but $33,842.00 plus 9.00% of
462	462
463	463	not over $600,000 excess over $487,500
464	464
465	465	Over $600,000 but $43,967.00 plus 10.00% of
466	466
467	467	not over $712,500 excess over $600,000
468	468
469	469	Over $712,500 $55,217.00 plus 11.00% of
470	470
471	471	excess over $712,500.
472	472
473	473	In the case of any taxable year beginning after December 31, 2029:
474	474
475	475	If the taxable income is: The tax shall be:
476	476
477	477	Over $1,425,000 $110,434.00 plus 16.00% of excess over $1,425,000.
478	478
479	479	(c) There is hereby imposed on the taxable income of (1) every unmarried individual (other than a surviving spouse, or the head of a household) and (2) on the taxable income of every married individual who does not make a single return jointly with the individual's spouse under section 235-93 a tax determined in accordance with the following table:
480	480
481	481	In the case of any taxable year beginning after December 31, 2017:
482	482
483	483	If the taxable income is: The tax shall be:
484	484
485	485	Not over $2,400 1.40% of taxable income
486	486
487	487	Over $2,400 but $34.00 plus 3.20% of
488	488
489	489	not over $4,800 excess over $2,400
490	490
491	491	Over $4,800 but $110.00 plus 5.50% of
492	492
493	493	not over $9,600 excess over $4,800
494	494
495	495	Over $9,600 but $374.00 plus 6.40% of
496	496
497	497	not over $14,400 excess over $9,600
498	498
499	499	Over $14,400 but $682.00 plus 6.80% of
500	500
501	501	not over $19,200 excess over $14,400
502	502
503	503	Over $19,200 but $1,008.00 plus 7.20% of
504	504
505	505	not over $24,000 excess over $19,200
506	506
507	507	Over $24,000 but $1,354.00 plus 7.60% of
508	508
509	509	not over $36,000 excess over $24,000
510	510
511	511	Over $36,000 but $2,266.00 plus 7.90% of
512	512
513	513	not over $48,000 excess over $36,000
514	514
515	515	Over $48,000 but $3,214.00 plus 8.25% of
516	516
517	517	not over $150,000 excess over $48,000
518	518
519	519	Over $150,000 but $11,629.00 plus 9.00% of
520	520
521	521	not over $175,000 excess over $150,000
522	522
523	523	Over $175,000 but $13,879.00 plus 10.00% of
524	524
525	525	not over $200,000 excess over $175,000
526	526
527	527	Over $200,000 $16,379.00 plus 11.00% of
528	528
529	529	excess over $200,000.
530	530
531	531	In the case of any taxable year beginning after December 31, 2024:
532	532
533	533	If the taxable income is: The tax shall be:
534	534
535	535	Not over $9,600 1.40% of taxable income
536	536
537	537	Over $9,600 but $134.00 plus 3.20% of
538	538
539	539	not over $14,400 excess over $9,600
540	540
541	541	Over $14,400 but $288.00 plus 5.50% of
542	542
543	543	not over $19,200 excess over $14,400
544	544
545	545	Over $19,200 but $552.00 plus 6.40% of
546	546
547	547	not over $24,000 excess over $19,200
548	548
549	549	Over $24,000 but $859.00 plus 6.80% of
550	550
551	551	not over $36,000 excess over $24,000
552	552
553	553	Over $36,000 but $1,675.00 plus 7.20% of
554	554
555	555	not over $48,000 excess over $36,000
556	556
557	557	Over $48,000 but $2,539.00 plus 7.60% of
558	558
559	559	not over $125,000 excess over $48,000
560	560
561	561	Over $125,000 but $8,391.00 plus 7.90% of
562	562
563	563	not over $175,000 excess over $125,000
564	564
565	565	Over $175,000 but $12,341.00 plus 8.25% of
566	566
567	567	not over $225,000 excess over $175,000
568	568
569	569	Over $225,000 but $16,466.00 plus 9.00% of
570	570
571	571	not over $275,000 excess over $225,000
572	572
573	573	Over $275,000 but $20,966.00 plus 10.00% of
574	574
575	575	not over $325,000 excess over $275,000
576	576
577	577	Over $325,000 $25,966.00 plus 11.00% of
578	578
579	579	excess over $325,000.
580	580
581	581	In the case of any taxable year beginning after December 31, 2026:
582	582
583	583	If the taxable income is: The tax shall be:
584	584
585	585	Not over $14,400 1.40% of taxable income
586	586
587	587	Over $14,400 but $202.00 plus 3.20% of
588	588
589	589	not over $19,200 excess over $14,400
590	590
591	591	Over $19,200 but $355.00 plus 5.50% of
592	592
593	593	not over $24,000 excess over $19,200
594	594
595	595	Over $24,000 but $619.00 plus 6.40% of
596	596
597	597	not over $36,000 excess over $24,000
598	598
599	599	Over $36,000 but $1,387.00 plus 6.80% of
600	600
601	601	not over $48,000 excess over $36,000
602	602
603	603	Over $48,000 but $2,203.00 plus 7.20% of
604	604
605	605	not over $125,000 excess over $48,000
606	606
607	607	Over $125,000 but $7,747.00 plus 7.60% of
608	608
609	609	not over $175,000 excess over $125,000
610	610
611	611	Over $175,000 but $11,547.00 plus 7.90% of
612	612
613	613	not over $225,000 excess over $175,000
614	614
615	615	Over $225,000 but $15,497.00 plus 8.25% of
616	616
617	617	not over $275,000 excess over $225,000
618	618
619	619	Over $275,000 but $19,622.00 plus 9.00% of
620	620
621	621	not over $325,000 excess over $275,000
622	622
623	623	Over $325,000 but $24,122.00 plus 10.00% of
624	624
625	625	not over $400,000 excess over $325,000
626	626
627	627	Over $400,000 $31,622.00 plus 11.00% of
628	628
629	629	excess over $400,000.
630	630
631	631	In the case of any taxable year beginning after December 31, 2028:
632	632
633	633	If the taxable income is: The tax shall be:
634	634
635	635	Not over $19,200 1.40% of taxable income
636	636
637	637	Over $19,200 but $269.00 plus 3.20% of
638	638
639	639	not over $24,000 excess over $19,200
640	640
641	641	Over $24,000 but $422.00 plus 5.50% of
642	642
643	643	not over $36,000 excess over $24,000
644	644
645	645	Over $36,000 but $1,082.00 plus 6.40% of
646	646
647	647	not over $48,000 excess over $36,000
648	648
649	649	Over $48,000 but $1,850.00 plus 6.80% of
650	650
651	651	not over $125,000 excess over $48,000
652	652
653	653	Over $125,000 but $7,086.00 plus 7.20% of
654	654
655	655	not over $175,000 excess over $125,000
656	656
657	657	Over $175,000 but $10,686.00 plus 7.60% of
658	658
659	659	not over $225,000 excess over $175,000
660	660
661	661	Over $225,000 but $14,486.00 plus 7.90% of
662	662
663	663	not over $275,000 excess over $225,000
664	664
665	665	Over $275,000 but $18,436.00 plus 8.25% of
666	666
667	667	not over $325,000 excess over $275,000
668	668
669	669	Over $325,000 but $22,561.00 plus 9.00% of
670	670
671	671	not over $400,000 excess over $325,000
672	672
673	673	Over $400,000 but $29,311.00 plus 10.00% of
674	674
675	675	not over $475,000 excess over $400,000
676	676
677	677	Over $475,000 $36,811.00 plus 11.00% of
678	678
679	679	excess over $475,000.
680	680
681	681	In the case of any taxable year beginning after December 31, 2029:
682	682
683	683	If the taxable income is: The tax shall be:
684	684
685	685	Over $950,000 $73,622.00 plus 16.00% of
686	686
687	687	excess over $950,000."
688	688
689	689	SECTION 3. New statutory material is underscored.
690	690
691	691	SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2029.
692	692
693	693
694	694
695	695	INTRODUCED BY: _____________________________
696	696
697	697	INTRODUCED BY:
698	698
699	699	_____________________________
700	700
701	701
702	702
703	703
704	704
705	705	Report Title: Income Tax; Income Tax Brackets; Highest Income Earners Description: Increases the income tax rate on the highest income earners in the State by establishing a new tax bracket for taxable years beginning after 12/31/2029. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
706	706
707	707
708	708
709	709
710	710
711	711
712	712
713	713	Report Title:
714	714
715	715	Income Tax; Income Tax Brackets; Highest Income Earners
716	716
717	717
718	718
719	719	Description:
720	720
721	721	Increases the income tax rate on the highest income earners in the State by establishing a new tax bracket for taxable years beginning after 12/31/2029.
722	722
723	723
724	724
725	725
726	726
727	727
728	728
729	729	The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.