Hawaii SB1043 adjusts income and excise taxes, exempts groceries and nonprescription drugs, and establishes a Maui recovery fund.

Hawaii SB1043 modifies income and excise tax rates, exempts sales of groceries and nonprescription drugs from the general excise tax, and removes the state income tax on unemployment compensation benefits. It incrementally increases the general excise tax over four years to six percent, with increased proceeds deposited into the general fund. The bill also doubles the standard deduction for real property and increases the minimum income threshold exemption for the low-income household renters' income tax credit.

Hawaii SB1043 adjusts income and excise taxes, exempts groceries and nonprescription drugs, and establishes a Maui recovery fund.

Hawaii SB1043 modifies income and excise tax rates, exempts sales of groceries and nonprescription drugs from the general excise tax, and removes the state income tax on unemployment compensation benefits. It incrementally increases the general excise tax over four years to six percent, with increased proceeds deposited into the general fund. The bill also doubles the standard deduction for real property and increases the minimum income threshold exemption for the low-income household renters' income tax credit.