Establishes a state income tax deduction for contributions to Hawaii's 529 college savings program.
The bill amends Hawaii's 529 college savings program to allow a state income tax deduction for contributions made to the program. It establishes a deduction limit of $5,000 for single filers and married individuals filing separately, and $10,000 for married individuals filing jointly, heads of households, and surviving spouses. Contributions withdrawn for non-qualified expenses are subject to recapture and included as taxable income.
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