Increases the maximum annual deduction and account levels for individual housing accounts in Hawaii.

This bill increases the maximum annual deduction for contributions into, and maximum account levels for, individual housing accounts in Hawaii. It aims to reflect current housing prices more accurately and incentivize first-time home ownership by allowing for higher savings for down payments and closing costs. The changes apply to taxable years beginning after December 31, 2026.

Increases the maximum annual deduction and account levels for individual housing accounts in Hawaii.

This bill increases the maximum annual deduction for contributions into, and maximum account levels for, individual housing accounts in Hawaii. It aims to reflect current housing prices more accurately and incentivize first-time home ownership by allowing for higher savings for down payments and closing costs. The changes apply to taxable years beginning after December 31, 2026.