#standard deduction
Hawai‘i Department of Taxation updates tax withholding tables to make way for tax cuts
The Hawai‘i Department of Taxation has updated its income tax withholding tables to reflect upcoming changes in a new state law that makes incremental adjustments to the standard deduction amount and income tax brackets beginning tax year 2024, through tax year 2031.
Largest income tax cut bill for working families signed into law by Gov. Green
Gov. Josh Green, M.D., today signed two tax related bills into law: House Bill 2404 provides significant tax relief to Hawaiʻi’s working families; and Senate Bill 1035 exempts medical services reimbursed by Medicare, Medicaid, and TRICARE from the state’s General Excise Tax.
House committees pass measure to provide broad tax relief to Hawaiʻi residents
The measure would double the standard deduction for individual filers from $2,200 to $5,000, and double the personal exemption from $1,144 to $2,288. Additionally, Hawaiʻi’s renters would see relief through increased tax credits.
