Hawaii HB2525 introduces a $10,000 income tax credit for qualifying police officers.

Hawaii HB2525 amends Chapter 235 of the Hawaii Revised Statutes to introduce a new police officer retention and housing income tax credit. This credit, equal to $10,000, applies to qualifying taxpayers, defined as police officers employed by a county police department with a population greater than 500,000. The credit is applied against the taxpayer's net income tax liability for the taxable year in which the credit is claimed. The Director of Taxation is tasked with preparing necessary forms, requiring reasonable information to verify claims, and adopting rules to implement the credit.

Hawaii HB2525 introduces a $10,000 income tax credit for qualifying police officers.

Hawaii HB2525 amends Chapter 235 of the Hawaii Revised Statutes to introduce a new police officer retention and housing income tax credit. This credit, equal to $10,000, applies to qualifying taxpayers, defined as police officers employed by a county police department with a population greater than 500,000. The credit is applied against the taxpayer's net income tax liability for the taxable year in which the credit is claimed. The Director of Taxation is tasked with preparing necessary forms, requiring reasonable information to verify claims, and adopting rules to implement the credit.