SB1053

Establishes a refundable state child tax credit for qualifying individual taxpayers in Hawaii.

This bill establishes a refundable child tax credit for qualifying individual taxpayers in Hawaii. The credit is calculated based on the number of dependents under age eighteen and varies by the taxpayer's adjusted gross income. The credit is refundable, meaning any excess credit over the taxpayer's income tax liability will be refunded. The Director of Taxation is responsible for preparing necessary forms, alerting eligible taxpayers, and submitting an annual public report.