From Pacific Business News

Hawaii Gov. David Ige on July 8 signed into a law a measure that will increase the refundable food/excise tax credit amount for taxpayers who earn no more than $30,000 each year.

"Hawaii has the highest cost of living and the refundable food/excise tax credit was originally devised as a way to reduce the burden on those who can least afford to pay taxes," Ige said shortly before signing the bill into law. "It has been a number of years since there has been any adjustment in that tax credit, so I am honored to be able to sign this into law."

The new law, introduced by Sens. Will Espero (D, Ewa Beach-Iroquois Pointe) and Suzanne Chun Oakland (D, Liliha-Downtown Honolulu), eliminates the tax credits that were previously set aside for individual taxpayers whose adjusted gross income was between $30,000 and $50,000. Instead, it will slightly increase the tax credit amount that individuals who earn no more than $30,000 can claim per exemption.

Those increases range from $25 for taxpayers whose adjusted gross income is less than $10,000 to $10 for taxpayers whose adjusted gross income is between $20,000 to $30,000.

The new law also allows heads of households, married individuals filing separate returns and married couples filing joint returns to also receive the refundable food/excise tax credit, if they earn less than $50,000.




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