Hawaii HB234 amends income tax rates for various income brackets and filing statuses.
Hawaii HB234 modifies the income tax structure by adjusting tax rates for different income levels and filing statuses. The bill introduces new tax brackets with varying percentages for taxable income over specified thresholds. For instance, it sets a 1.40% tax rate for income up to $14,400, increasing progressively to 12.00% for income exceeding $325,000. The changes apply to taxable years beginning after December 31, 2025, affecting individuals and married couples filing jointly or separately.
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