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Governor Green Signs Largest Income Tax Cut Bill for Working Families

June 4, 2024 at 5:30 am tdemartini
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governor-green-signs-cost-of-living-bill-june-2024

Yesterday, Governor Green signed House Bill (HB) 2404 and Senate Bill (SB) 1035, into law.

HB 2404 provides tax relief to Hawaiʻi’s working families. The largest income tax cut for working families in the state’s history, HB 2404 makes the tax code more progressive, while SB 1035, exempts medical services reimbursed by Medicare, Medicaid, and TRICARE from the state’s General Excise Tax (GET).

HB 2404 amends two key components of Hawai‘i’s tax code over a seven-year period. In odd years, the legislation increases the standard deduction, which benefits low- and medium-income households. In even years, the legislation amends the tax brackets by eliminating the lowest brackets and lowering the tax rates for all brackets. As a result of these changes, the state income taxes paid by working class families will fall by 71 percent by 2031.

The changes to the income tax law reduce the tax liability of lower-income taxpayers more than higher-income taxpayers, increasing the tax system’s progressivity. Many taxpayers will now see their income tax liabilities transform into tax refunds from the state due to targeted income-based tax credits.

The legislation will help Hawai‘i transition from being the second highest-taxed state for working families to the fourth-lowest.

Governor Green also signed into law SB 1035, which exempts certain medical services from the GET. This legislation will provide relief to the healthcare system in Hawaiʻi by specifically exempting hospitals, infirmaries, medical clinics, health care facilities, pharmacies, and medical and dental providers from the GET on goods or services that are reimbursed through Medicaid, Medicare, or TRICARE.

SB 1035 received endorsement from more than 155 healthcare professionals and is seen as a potential solution to the state’s shortage of nearly 800 physicians. A recent survey of physicians by the John A. Burns School of Medicine found that elimination of the GET on medical services could be an effective means of recruiting and maintaining more physicians.

 

Photo credit: Office of Governor Josh Green

Tags: Governor Josh Green, legislation, medical services, tax relief
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