CONFERENCE COMMITTEE REP. NO. 169-24

Honolulu, Hawaii

, 2024

RE: H.B. No. 2404

H.D. 1

S.D. 1

C.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-Second State Legislature

Regular Session of 2024

State of Hawaii

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Second State Legislature

Regular Session of 2024

State of Hawaii

Sirs:

Your Committee on Conference on the disagreeing vote of the House of Representatives to the amendments proposed by the Senate in H.B. No. 2404, H.D. 1, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO INCOME TAX,"

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

The purpose of this measure is to:

(1) Amend the amounts for the income tax brackets and standard deduction amounts for each filing status for taxable years beginning after December 31, 2023; and

(2) For taxable years beginning after December 31, 2024, annually adjust the income tax brackets and standard deduction amounts by a cost-of-living adjustment factor.

Your Committee on Conference has amended this measure by:

(1) Removing the annual adjustment for taxable years beginning after December 31, 2024, to income tax brackets and standard deduction amounts by a cost-of-living adjustment factor;

(2) Amending the standard deduction amounts for each filing status for taxable years 2024, 2026, 2028, 2030, and 2031;

(3) Amending the income tax brackets for each filing status for taxable years 2025, 2027, and 2029;

(4) Making it effective upon approval; and

(5) Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of H.B. No. 2404, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as H.B. No. 2404, H.D. 1, S.D. 1, C.D. 1.

Respectfully submitted on behalf of the managers:

ON THE PART OF THE SENATE

ON THE PART OF THE HOUSE

____________________________ SHARON MORIWAKI Chair	____________________________ KYLE T. YAMASHITA Chair
____________________________ CHRIS LEE Co-Chair