Hawaii HB959 proposes tax reforms including exempting groceries and nonprescription drugs from the general excise tax, increasing the general excise.

Hawaii HB959 introduces several tax reforms aimed at addressing economic disparities and supporting recovery efforts. The bill proposes exempting the sale of groceries and nonprescription drugs from the general excise tax, which could ease the tax burden on residents, particularly lower-income households. It also incrementally increases the general excise tax rate over four years to six percent, with certain proceeds to be deposited into the general fund. Additionally, the bill removes the state income tax on unemployment compensation benefits, effective after December 31, 2024.

Hawaii HB959 proposes tax reforms including exempting groceries and nonprescription drugs from the general excise tax, increasing the general excise.

Hawaii HB959 introduces several tax reforms aimed at addressing economic disparities and supporting recovery efforts. The bill proposes exempting the sale of groceries and nonprescription drugs from the general excise tax, which could ease the tax burden on residents, particularly lower-income households. It also incrementally increases the general excise tax rate over four years to six percent, with certain proceeds to be deposited into the general fund. Additionally, the bill removes the state income tax on unemployment compensation benefits, effective after December 31, 2024.