(The Center Square) – The Hawaii legislature ended its 2024 session with bills passed to bring income tax relief, tighten short-term rental regulations and funnel more money to Maui relief efforts.
House Bill 2404, which is currently on the governor’s desk, would incrementally increase the standard deduction amounts for filing status beginning after 2023 and annually adjust the income tax brackets and standard deduction amounts by a cost-of-living adjustment factor, according to the bill.
Gov. Josh Green is expected to sign it as the tax relief is included in his Green Affordability Plan.
“Enactment of HB 2404 will help offset the crippling inflation of the past few years; save Hawaii taxpayers billions of dollars in coming years; reposition the state from having one of the highest state income tax rates in the country to one of the lowest; lower Hawaii’s cost of living; fuel economic growth; and reverse or at least slow down the ongoing exodus of Hawaii residents,” said Keli’i Akina, Ph.D., the president and CEO of Grassroot Institute of Hawaii.