SB2468 proposes a 2% surcharge on taxable income exceeding $1,000,000 to fund Hawaii's Medicaid program.

SB2468 introduces a 2% surcharge on taxable income exceeding $1,000,000 to generate revenue for Hawaii's Medicaid program. The bill aims to address the financial strain on the state due to federal tax cuts and Medicaid funding reductions, which have shifted costs to states. The surcharge applies to individuals, estates, and trusts, and the collected revenues will be earmarked for the state Medicaid program. If the legislature approves, the funds will be used for Medicaid; otherwise, they will be deposited into the general fund.

SB2468 proposes a 2% surcharge on taxable income exceeding $1,000,000 to fund Hawaii's Medicaid program.

SB2468 introduces a 2% surcharge on taxable income exceeding $1,000,000 to generate revenue for Hawaii's Medicaid program. The bill aims to address the financial strain on the state due to federal tax cuts and Medicaid funding reductions, which have shifted costs to states. The surcharge applies to individuals, estates, and trusts, and the collected revenues will be earmarked for the state Medicaid program. If the legislature approves, the funds will be used for Medicaid; otherwise, they will be deposited into the general fund.