SB 1043: RELATING TO TAXATION.

Session Year: 2025-2026
House: Senate

Current Status:

In Progress

(2025-03-19: Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Cochran, Ward excused (2).)

Introduced

First Committee Review

First Chamber

Second Committee Review

Second Chamber

Final Decking

Enacted

Version:

Exempts the sale of groceries and nonprescription drugs from the general excise tax. Incrementally increases the general excise tax over four years, with the increased proceeds during certain fiscal years to be deposited into the general fund. Removes the state income tax on unemployment compensation benefits. Doubles the standard deduction for individuals earning less than $100,000 and joint returns earning less than $200,000. Repeals the incremental increases on standard income tax deduction amounts. Increases the minimum income threshold and exemption amount for the low-income household renters' income tax credit. Removes the tax liability for the first $100,000 of individual income earned. Establishes the Maui Recovery Special Fund to be used for recovery programs related to the 2023 Maui wildfires. Appropriates funds. Applies to taxable years beginning after 12/31/2024.