Category Archives: Net Income (HRS 235)

HB 1373 SD 2

General Excise (HRS 237), Net Income (HRS 235)

SUBJECT: INCOME, GENERAL EXCISE, Workforce Development Rebate Program; Film Studio Tax Credit; Temporarily Expand Film and TV Production Credit Limits and Restrict Carryforward

BILL NUMBER:  HB 1373 SD 2

INTRODUCED BY:  Senate Floor Amendment

EXECUTIVE SUMMARY:   Beginning 1/1/2024, requires the Department of Business, Economic Development, and Tourism to administer a Workforce Development Incentive Rebate Program that incentivizes local independent film and television productions. Establishes a new Film Studio Tax Credit. Amends the administration of the Motion Picture, Digital Media, and Film Production Income Tax Credit by increasing the tax credit cap from $50,000,000 to $75,000,000 for calendar year 2024 and eliminating the ability for credits exceeding the tax cap to be allowed to be claimed after December 31, 2024.

Continue reading HB 1373 SD 2 →

HB 1049 HD 2

Net Income (HRS 235)

SUBJECT: INCOME, Teacher Tax Credit, Increase Dependent Care and Renters’ Credits and Index for Cost of Living

BILL NUMBER:  HB 1049 HD 2 [GOV-01]

INTRODUCED BY: House Committee on Finance

EXECUTIVE SUMMARY: Adds new tax credit for teacher’s expenses. Adjusts annually for tax years beginning after December 31, 2023, the dependent care credit and household renters credit by a cost-of-living adjustment factor. Continue reading HB 1049 HD 2 →

HB 954 HD 2

Net Income (HRS 235)

SUBJECT: INCOME, Amend State Earned Income Tax Credit, Bracket Relief and Cost of Living Adjustment

BILL NUMBER:  HB 954 HD 2

INTRODUCED BY: House Committee on Finance

EXECUTIVE SUMMARY:   Increases the amounts for the income tax brackets and personal exemption and standard deduction amounts for tax year 2023. Adjusts annually for tax years beginning after December 31, 2023, the income tax brackets and personal exemption, and standard deduction amounts by a cost-of-living adjustment factor. Amends the taxable income brackets and income tax rates for each filing status for taxable years beginning after 12/31/2022. Changes the amount of the state earned income tax credit (EITC) to an unspecified percentage of the federal earned income tax credit allowed based on an individual’s federal income tax return. Changes the amount of the state earned income tax credit to an unspecified percentage of the federal EITC allowed based on an individual’s federal income tax return. Continue reading HB 954 HD 2 →

HB 607 SD 1

Net Income (HRS 235)

SUBJECT: INCOME, Credit for Producers of Agricultural Goods for Interisland Shipping

BILL NUMBER:  HB 607 SD 1

INTRODUCED BY: Senate Committee on Agriculture and Environment

EXECUTIVE SUMMARY:   Creates an income tax credit for taxpayers who are farmers, or are producers of agricultural commodities, cooperatives, broad line distributors, or food hubs who ship products and agricultural goods between counties. Continue reading HB 607 SD 1 →

SB 795 HD 1

Net Income (HRS 235)

SUBJECT: INCOME, Motion Picture, Digital Media, and Film Production Income Tax Credit; Opportunity to Cure Deficiencies

BILL NUMBER:  SB 795 HD 1

INTRODUCED BY:  House Committee on Economic Development

EXECUTIVE SUMMARY: Requires productions to provide evidence of reasonable efforts to comply with all applicable requirements to qualify for the motion picture, digital media, and film production income tax credit. Requires taxpayers be given notice of and an opportunity to cure requirements for the motion picture, digital media, and film production income tax credit within thirty days of receiving the notice. Continue reading SB 795 HD 1 →