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The bill doubles the size of the Earned Income Tax Credit for five years, providing $50 million in additional support. The bill also doubles the amount of the Food Excise Tax Credit, benefitting an additional 90,000 of the most economically vulnerable residents in the state.
Summary of cost of living in Honolulu, HI, United States: A family of four estimated monthly costs are 5,203.3$ without rent (using our estimator). A single person estimated monthly costs are 1,459.8$ without rent. Honolulu is 11.6% less expensive than New York (without rent, see our cost of living index ).
To claim the food tax credit you must fill out Hawaii Tax Schedule X and include it with your Form N11 Hawaii State tax return. Part 1 of this form is all about the food credit. Fill out part 1 of Schedule X “line by line” and carefully read the instructions.
Hawaiʻi’s Refundable Food Excise Tax Credit was created to help ease the tax burden on basic necessities. Currently, the credit does not automatically keep up with inflation, which means that the tax burden on basic necessities increases year after year, as living costs go up.
21 lut 2024 · • Refundable Food/Excise Tax Credit (HRS §235-55.85) o An eligible taxpayer must have had a federal adjusted gross income of less than $60,000 (or less than $40,000 if their filing status is single).
27 lut 2024 · The tax rate varies, with rates of 0.15% for insurance commission, 0.5% for wholesaling, manufacturing, producing, wholesale services, and use tax on imports for resale, and 4% for all other activities.
More Hawaii taxpayers claimed the Food/Excise Tax Credit than any other tax credit promoting social welfare. There were 254,262 (33.9 % of individual income returns) claims worth $29.6 million in 2020.
