Hawaii 2025 Regular Session

Hawaii Senate Bill SB704 Compare Versions

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

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1	1	THE SENATE S.B. NO. 704 THIRTY-THIRD LEGISLATURE, 2025 STATE OF HAWAII A BILL FOR AN ACT RElating to the earned income tax credit. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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3	3	THE SENATE S.B. NO. 704
4	4	THIRTY-THIRD LEGISLATURE, 2025
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7	7	THE SENATE
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9	9	S.B. NO.
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11	11	704
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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 the earned income tax credit.
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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. Section 235-55.75, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows: "(a) Each qualifying individual taxpayer may claim a refundable earned income tax credit. The tax credit, for the appropriate taxable year, shall be [forty] fifty per cent of the federal earned income tax credit allowed and properly claimed under section 32 of the Internal Revenue Code and reported as such on the individual's federal income tax return." SECTION 2. Act 163, Session Laws of Hawaii 2023, is amended by amending section 5 to read as follows: "SECTION 5. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2022; provided that on December 31, 2027, sections 1 and 3 of this Act shall be repealed and sections 235-55.6(c)[, 235-55.75(a),] and 235-55.85(b), Hawaii Revised Statutes, shall be reenacted in the form in which they read on the day prior to the effective date of this Act." SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2024. INTRODUCED BY: _____________________________
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49	49	SECTION 1. Section 235-55.75, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
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51	51	"(a) Each qualifying individual taxpayer may claim a refundable earned income tax credit. The tax credit, for the appropriate taxable year, shall be [forty] fifty per cent of the federal earned income tax credit allowed and properly claimed under section 32 of the Internal Revenue Code and reported as such on the individual's federal income tax return."
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53	53	SECTION 2. Act 163, Session Laws of Hawaii 2023, is amended by amending section 5 to read as follows:
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55	55	"SECTION 5. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2022; provided that on December 31, 2027, sections 1 and 3 of this Act shall be repealed and sections 235-55.6(c)[, 235-55.75(a),] and 235-55.85(b), Hawaii Revised Statutes, shall be reenacted in the form in which they read on the day prior to the effective date of this Act."
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57	57	SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
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59	59	SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2024.
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63	63	INTRODUCED BY: _____________________________
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65	65	INTRODUCED BY:
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73	73	Report Title: Income Tax; Earned Income Tax Credit Description: Permanently increases the state earned income tax credit to fifty per cent of the federal earned income tax credit. Applies to taxable years beginning after 12/31/2024. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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79	79	Report Title:
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81	81	Income Tax; Earned Income Tax Credit
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85	85	Description:
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87	87	Permanently increases the state earned income tax credit to fifty per cent of the federal earned income tax credit. Applies to taxable years beginning after 12/31/2024.
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95	95	The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.