The tool, originally created by the state Department of Taxation, can reveal how much Hawaii’s historic tax cuts will benefit you
An online income tax calculator can now show you how much Hawaii’s new Grassroot-backed personal income tax cuts will save you.
Originally created by the Hawaii Department of Taxation, the calculator estimates how much taxpayers will save thanks to HB2404, which was unanimously passed by the Legislature and signed into law by Gov. Josh Green.
The cuts will apply to income earned as of Jan. 1, 2024.
The law more than quintuples the standard deduction for joint, single and head of household filings. It will also gradually raise each of the tax brackets, meaning that fewer filers will be affected by the higher tax rates.
The calculator works only for taxpayers claiming the standard deduction. Taxpayers who itemize their deductions might see smaller savings.
The calculator will not save your personal information.
To read more about how the bill works, read the Department of Taxation’s blog here.
