A potential $300 credit on most taxpayers’ 2021 tax returns is still alive, with the proposal awaiting Gov. David Ige’s signature or veto.
A potential $300 credit on most taxpayers’ 2021 tax returns is still alive, with the proposal awaiting Gov. David Ige’s signature or veto.
Senate Bill 514 proposes that, with an excess of tax revenues in the State General Fund, taxpayers be granted an income tax refund on their 2021 tax returns.
The bill would award a $300 refund to all individuals earning less than $100,000 a year, and to couples earning less than $200,000. Individuals earning more than $100,000, or couples earning more than $200,000, would receive a $100 credit.
The credit would be multiplied by the taxpayer’s qualified exemptions.
However, anyone who was imprisoned for the full taxable year would not be eligible for the credit, nor would anybody who has not been a resident of the state for at least nine months, nor anybody who is claimed as a dependent by another taxpayer on their federal or state returns.
Ige has not indicated whether he intends to veto the bill. He must declare those bills he intends to veto by June 27, four days before the bill is slated to take effect.
