HB232

Establishes a two-year pilot program reducing income tax liability for certain residents in Oahu's 96792 zip code.

The bill establishes a two-year pilot program to reduce income tax liability for certain residents within the 96792 postal zip code on Oahu. The reduction varies based on adjusted gross income: 50% for incomes up to a certain amount, 30% for incomes between two amounts, 10% for incomes between two higher amounts, and 0% for incomes above a specified amount. Eligible residents must have continuously lived in the area since January 1, 2023, and must submit proof of residency and income. The Department of Taxation will verify eligibility and prepare necessary forms.