Hawaii SB2600 provides an income tax credit and allocates funds for emergency reserves and pension benefits.

Hawaii SB2600 implements constitutional requirements by offering a general income tax credit to eligible resident individual taxpayers for the 2026 taxable year. This credit is multiplied by the number of qualified exemptions and is deductible from income tax liability. The bill also mandates deposits into the emergency and budget reserve fund and the other post-employment benefits trust fund. Certain individuals, such as those convicted of a felony or committed to a youth correctional facility, are ineligible for the tax credit. The provisions take effect on July 1, 2026.

Hawaii SB2600 provides an income tax credit and allocates funds for emergency reserves and pension benefits.

Hawaii SB2600 implements constitutional requirements by offering a general income tax credit to eligible resident individual taxpayers for the 2026 taxable year. This credit is multiplied by the number of qualified exemptions and is deductible from income tax liability. The bill also mandates deposits into the emergency and budget reserve fund and the other post-employment benefits trust fund. Certain individuals, such as those convicted of a felony or committed to a youth correctional facility, are ineligible for the tax credit. The provisions take effect on July 1, 2026.