The Hawaii Legislature has adjourned for the year. The next significant deadline is June 29, when the Governor must notify the Legislature of any bills he intends to veto.
At the moment the hot topics are:
- The three highest rate brackets in our income tax, 9%, 10%, and 11%, expire at the end of 2015. It looks like they will expire as scheduled! Read: Temporary
- Our income tax also contains provisions that create a “cliff” — $1 of additional income means thousands in additional tax. No fixes for this year, but one of the provisions causing the problem is going to disappear with the top tax brackets at the end of this year. Read: Cliff
- The City & County of Honolulu is worried about its rail project and wants to extend the 0.5% surcharge on the GET from its current sunset date of 2022 to…well…forever. The Legislature has approved a bill to grant a five-year extension of the surcharge. But did you know about the hidden charge where the State drains tens of millions from the project each year? That charge won’t be touched. Read: Ten Percent Solution Bill: HB 134
Our ever-popular Breakfast Briefings will help you keep up to date on what our Legislature is considering. One more briefing remains, and we will be focusing on the remaining bills!
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