Hawaii HB707 strengthens the state's 529 college savings program by offering tax deductions for contributions.

Hawaii HB707 amends the state's 529 college savings program, known as HI529, to offer tax deductions for contributions. The bill provides a maximum deduction of $5,000 per taxable year for single filers and married individuals filing separately, and $10,000 for married individuals filing jointly, heads of households, and surviving spouses. Contributions are eligible for the deduction in the year they are made. The bill also allows for contributions to be used for K-12 educational expenses, aligning with federal law.

Hawaii HB707 strengthens the state's 529 college savings program by offering tax deductions for contributions.

Hawaii HB707 amends the state's 529 college savings program, known as HI529, to offer tax deductions for contributions. The bill provides a maximum deduction of $5,000 per taxable year for single filers and married individuals filing separately, and $10,000 for married individuals filing jointly, heads of households, and surviving spouses. Contributions are eligible for the deduction in the year they are made. The bill also allows for contributions to be used for K-12 educational expenses, aligning with federal law.