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It is estimated that the new tax credit will provide $130 million in tax relief for low-income and working-class families over its first 6 years. Other components of the Hawaii Tax Fairness package encompassed by HB 209 are the repeal of the sunset date for improvements to the refundable food/excise tax credit and the reinstatement of higher-income tax brackets that had been repealed in 2015.
Mahalo to the members of the Hawaii Tax Fairness Coalition and legislators who have worked for many years to create a state EITC. Though there is still much to be done, this victory brings Hawaii closer to a tax system that makes sense.