HB2052

Report Title:

Low Income Renters Income Tax Credit

 

Description:

Amends law to apply low income renters income tax credit to renters of real property that is exempted from real property taxes.

 

HOUSE OF REPRESENTATIVES	H.B. NO.	2052
TWENTY-FIRST LEGISLATURE, 2002
STATE OF HAWAII

A BILL FOR AN ACT

 

RELATING TO TAXATION.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 235-55.7, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:

"(b) Each resident taxpayer who occupies and pays rent for real property within the State as the resident taxpayer's residence or the residence of the resident taxpayer's immediate family [which is not partially or wholly exempted from real property tax], who is not eligible to be claimed as a dependent for federal or state income taxes by another, and who files an individual net income tax return for a taxable year, may claim a tax credit under this section against the resident taxpayer's Hawaii state individual net income tax."

SECTION 2. Statutory material to be repealed is bracketed and stricken.

SECTION 3. This Act shall take effect upon approval and shall apply to taxable years beginning after December 31, 2001.

INTRODUCED BY:	_____________________________