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HB2008 • 2026

RELATING TO TAXATION.

RELATING TO TAXATION.

Taxes
Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
POEPOE, AMATO, BELATTI, GRANDINETTI, HASHEM, HUSSEY, ILAGAN, IWAMOTO, KAPELA, PERRUSO, TEMPLO, Matayoshi
Last action
2026-01-28
Official status
Referred to FIN, referral sheet 3
Effective date
Not listed

Plain English Breakdown

The bill does not specify the exact new tax rates or how they will be used.

New Tax Bracket for Higher-Income Earners

This bill proposes to establish a new income tax bracket for higher-income earners starting in the year 2030.

What This Bill Does

  • Establishes a new income tax bracket for taxable years beginning after December 31, 2029.

Who It Names or Affects

  • People who earn more than $48,000 per year will be affected starting after December 31, 2029.
  • The state government may benefit from additional tax revenue to fund public services and investments.

Terms To Know

Tax Bracket
A range of income levels that are taxed at the same rate.

Limits and Unknowns

  • It is not clear how much additional revenue this new tax bracket will generate.
  • The bill does not specify what public services and investments the extra money would fund.

Bill History

  1. 2026-01-28 H

    Referred to FIN, referral sheet 3

  2. 2026-01-26 H

    Introduced and Pass First Reading.

  3. 2026-01-23 H

    Pending introduction.

Official Summary Text

RELATING TO TAXATION.
Income Tax; Higher-Income Earner Tax Bracket
Establishes a new bracket for higher-income earners for taxable years beginning after 12/31/2029.

Current Bill Text

Read the full stored bill text
HB2008

HOUSE OF REPRESENTATIVES

H.B. NO.

2008

THIRTY-THIRD LEGISLATURE, 2026

STATE OF HAWAII

A BILL FOR AN ACT

RELATING
TO TAXATION
.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

����
SECTION 1.
�
The legislature finds that over the past
several decades, income inequality has worsened in the State.
�
According to the Center on Budget and Policy
Priorities, since the 1970s, incomes for the State's richest households have
grown at double the rate of middle-class households, and at almost five times
the rate of the State's poorest households.
�

As income gains have increasingly gone to the highest earners, wages
have stagnated for most workers.

����
The legislature also finds that
while the State's highest‑earning households have enjoyed the benefits of
these trends, they have not borne the appropriate corresponding burden.
�
A 2024 report by the Institute on Taxation
and Economic Policy found that the top twenty per cent of income earners in the
State paid a substantially lower share of household income in taxes than the
bottom eighty per cent.
�
This state of
affairs allows the highest income earners to amass wealth, and the power that
comes with it, without paying their fair share of taxes in return.
�
Moreover, it saddles the State's working
families with the burden of paying a greater portion of their household income
in taxes, though they can ill afford to do so.

����
The legislature further finds that
Nobel Prize winning economist Joseph Stiglitz has referred to an increase in
the top marginal income tax rates as the most obvious reform to raise needed
revenues and soften America's extreme and harmful inequality.
�
According
to the Center on Budget and Policy Priorities, evidence indicates that
increasing the personal income tax rates for the highest earners can generate
substantial revenue for public investments that boost a state's productivity in
the long run, without harming economic growth in the short term.
�
The increased revenues derived from an
increased tax rate for the highest earners would strengthen the State's economy
by funding essential public goods and services and provide benefits to families
at all income levels, whether by helping to create private wealth through
research grants and small business subsidies, or by providing essential
government programs that make it easier for working families to achieve upward
mobility.
�
By simply paying their fair
share, the State's highest earners will be helping to fund investments in
people and communities that will provide long-term social and economic benefits
to the State.

����
Accordingly, the purpose of this Act is to
establish a new income tax bracket for higher-income earners for taxable years
beginning after December 31, 2029.

����
SECTION
2
.
�
Section 235-51,
Hawaii Revised Statutes, is amended by amending subsections (a), (b), and (c)
to read as follows:

����
"
(a)
�

There is hereby imposed on the taxable income of every:

����
(1)
�
Taxpayer who files a joint return under
section 235-93; and

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(2)
�
Surviving spouse,

a tax determined in accordance with the following table:

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In the case of any
taxable year beginning after December 31, 2017:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $4,800
�������������
1.40% of taxable
income

���������
Over
$4,800 but
�������������
$67.00 plus 3.20%
of

�����������
not
over $9,600
�������������
excess over
$4,800

���������
Over
$9,600 but
�������������
$221.00 plus 5.50%
of

�����������
not
over $19,200
������������
excess over
$9,600

���������
Over
$19,200 but
������������
$749.00 plus 6.40%
of

�����������
not
over $28,800
������������
excess over
$19,200

���������
Over
$28,800 but
������������
$1,363.00 plus
6.80% of

�����������
not
over $38,400
������������
excess over
$28,800

���������
Over
$38,400 but
������������
$2,016.00 plus
7.20% of

�����������
not
over $48,000
������������
excess over
$38,400

���������
Over
$48,000 but
������������
$2,707.00 plus
7.60% of

�����������
not
over $72,000
������������
excess over
$48,000

���������
Over
$72,000 but
������������
$4,531.00 plus
7.90% of

�����������
not
over $96,000
������������
excess over
$72,000

���������
Over
$96,000 but
������������
$6,427.00 plus
8.25% of

�����������
not
over $300,000
������������
excess over
$96,000

���������
Over
$300,000 but
������������
$23,257.00 plus
9.00% of

�����������
not
over $350,000
������������
excess over
$300,000

���������
Over $350,000 but
������������
$27,757.00 plus 10.00% of

�����������
not
over $400,000
������������
excess over
$350,000

���������
Over $400,000
���������������
$32,757.00 plus 11.00% of

����������������������������������������
excess
over $400,000.

����
In the case of any
taxable year beginning after December 31, 2024:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $19,200
������������
1.40% of taxable
income

���������
Over
$19,200 but
������������
$269.00 plus 3.20%
of

�����������
not
over $28,800
������������
excess over
$19,200

���������
Over
$28,800 but
������������
$576.00 plus 5.50%
of

�����������
not
over $38,400
������������
excess over
$28,800

���������
Over
$38,400 but
������������
$1,104.00 plus
6.40% of

�����������
not
over $48,000
������������
excess over
$38,400

���������
Over
$48,000 but
������������
$1,718.00 plus
6.80% of

�����������
not
over $72,000
������������
excess over
$48,000

���������
Over
$72,000 but
������������
$3,350.00 plus
7.20% of

�����������
not
over $96,000
������������
excess over
$72,000

���������
Over
$96,000 but
������������
$5,078.00 plus
7.60% of

�����������
not
over $250,000
������������
excess over
$96,000

���������
Over
$250,000 but
������������
$16,782.00 plus
7.90% of

�����������
not
over $350,000
������������
excess over
$250,000

���������
Over
$350,000 but
������������
$24,682.00 plus
8.25% of

�����������
not
over $450,000
������������
excess over
$350,000

���������
Over
$450,000 but
������������
$32,932.00 plus
9.00% of

�����������
not
over $550,000
������������
excess over
$450,000

���������
Over $550,000 but
������������
$41,932.00 plus 10.00% of

�����������
not
over $650,000
������������
excess over
$550,000

���������
Over $650,000
���������������
$51,932.00 plus 11.00% of

����������������������������������������
excess
over $650,000.

����
In the case of any
taxable year beginning after December 31, 2026:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $28,800
������������
1.40% of taxable
income

���������
Over
$28,800 but
������������
$403.00 plus 3.20%
of

�����������
not
over $38,400
������������
excess over
$28,800

���������
Over
$38,400 but
������������
$710.00 plus 5.50%
of

�����������
not
over $48,000
������������
excess over
$38,400

���������
Over
$48,000 but
������������
$1,238.00 plus
6.40% of

�����������
not
over $72,000
������������
excess over
$48,000

���������
Over
$72,000 but
������������
$2,774.00 plus
6.80% of

�����������
not
over $96,000
������������
excess over
$72,000

���������
Over
$96,000 but
������������
$4,406.00 plus
7.20% of

�����������
not
over $250,000
������������
excess over
$96,000

���������
Over
$250,000 but
������������
$15,494.00 plus
7.60% of

�����������
not
over $350,000
������������
excess over
$250,000

���������
Over
$350,000 but
������������
$23,094.00 plus
7.90% of

�����������
not
over $450,000
������������
excess over
$350,000

���������
Over
$450,000 but
������������
$30,994.00 plus
8.25% of

�����������
not
over $550,000
������������
excess over
$450,000

���������
Over
$550,000 but
������������
$39,244.00 plus
9.00% of

�����������
not
over $650,000
������������
excess over
$550,000

���������
Over $650,000 but
������������
$48,244.00 plus 10.00% of

�����������
not
over $800,000
������������
excess over
$650,000

���������
Over $800,000
���������������
$63,244.00 plus 11.00% of

����������������������������������������
excess
over $800,000.

����
In the case of any
taxable year beginning after December 31, 2028:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $38,400
������������
1.40% of taxable
income

���������
Over
$38,400 but
������������
$538.00 plus 3.20%
of

�����������
not
over $48,000
������������
excess over
$38,400

���������
Over
$48,000 but
������������
$845.00 plus 5.50%
of

�����������
not
over $72,000
������������
excess over
$48,000

���������
Over
$72,000 but
������������
$2,165.00 plus
6.40% of

�����������
not
over $96,000
������������
excess over
$72,000

���������
Over
$96,000 but
������������
$3,701.00 plus
6.80% of

�����������
not
over $250,000
������������
excess over
$96,000

���������
Over
$250,000 but
������������
$14,173.00 plus
7.20% of

�����������
not
over $350,000
������������
excess over
$250,000

���������
Over
$350,000 but
������������
$21,373.00 plus
7.60% of

�����������
not
over $450,000
������������
excess over
$350,000

���������
Over
$450,000 but
������������
$28,973.00 plus
7.90% of

�����������
not
over $550,000
������������
excess over
$450,000

���������
Over
$550,000 but
������������
$36,873.00 plus
8.25% of

�����������
not
over $650,000
������������
excess over
$550,000

���������
Over
$650,000 but
������������
$45,123.00 plus
9.00% of

�����������
not
over $800,000
������������
excess over
$650,000

���������
Over $800,000 but
������������
$58,623.00 plus 10.00% of

�����������
not
over $950,000
������������
excess over
$800,000

���������
Over $950,000
���������������
$73,623.00 plus 11.00% of

����������������������������������������
excess
over $950,000.

����
In the case of any
taxable year beginning after December 31, 2029:

���������
If
the taxable income is:
����
The tax
shall be:

���������
Not
over $38,400
������������
1.40% of
taxable income

���������
Over
$38,400 but
������������
$538.00
plus 3.20% of

�����������
not
over $48,000
������������
excess
over $38,400

���������
Over
$48,000 but
������������
$845.00
plus 5.50% of

�����������
not
over $72,000
������������
excess
over $48,000

���������
Over
$72,000 but
������������
$2,165.00
plus 6.40% of

�����������
not
over $96,000
������������
excess
over $72,000

���������
Over
$96,000 but
������������
$3,701.00
plus 6.80% of

�����������
not
over $250,000
������������
excess
over $96,000

���������
Over
$250,000 but
������������
$14,173.00
plus 7.20% of

�����������
not
over $350,000
������������
excess
over $250,000

���������
Over
$350,000 but
������������
$21,373.00
plus 7.60% of

�����������
not
over $450,000
������������
excess
over $350,000

���������
Over
$450,000 but
������������
$28,973.00
plus 7.90% of

�����������
not
over $550,000
������������
excess
over $450,000

���������
Over
$550,000 but
������������
$36,873.00
plus 8.25% of

�����������
not
over $650,000
������������
excess
over $550,000

���������
Over
$650,000 but
������������
$45,123.00
plus 9.00% of

�����������
not
over $800,000
������������
excess
over $650,000

���������
Over $800,000 but
������������
$58,623.00 plus 10.00% of

�����������
not
over $950,000
������������
excess
over $800,000

���������
Over $950,000 but
������������
$73,623.00 plus 11.00% of

�����������
not over $1,900,000
����������
excess over $950,000

������
Over
$1,900,000
�������������
$178,123.00
plus 16.00% of excess over $1,900,000.

����
(b)
�
There is hereby imposed on the taxable income
of every head of a household a tax determined in accordance with the following
table:

����
In the case of any
taxable year beginning after December 31, 2017:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $3,600
�������������
1.40% of taxable
income

���������
Over
$3,600 but
�������������
$50.00 plus 3.20%
of

�����������
not
over $7,200
�������������
excess over
$3,600

���������
Over
$7,200 but
�������������
$166.00 plus 5.50%
of

�����������
not
over $14,400
������������
excess over
$7,200

���������
Over
$14,400 but
������������
$562.00 plus 6.40%
of

�����������
not
over $21,600
������������
excess over
$14,400

���������
Over
$21,600 but
������������
$1,022.00 plus
6.80% of

�����������
not
over $28,800
������������
excess over
$21,600

���������
Over
$28,800 but
������������
$1,512.00 plus
7.20% of

�����������
not
over $36,000
������������
excess over
$28,800

���������
Over
$36,000 but
������������
$2,030.00 plus
7.60% of

�����������
not
over $54,000
������������
excess over
$36,000

���������
Over
$54,000 but
������������
$3,398.00 plus
7.90% of

�����������
not
over $72,000
������������
excess over
$54,000

���������
Over
$72,000 but
������������
$4,820.00 plus
8.25% of

�����������
not
over $225,000
������������
excess over
$72,000

���������
Over
$225,000 but
������������
$17,443.00 plus
9.00% of

�����������
not
over $262,500
������������
excess over
$225,000

���������
Over $262,500 but
������������
$20,818.00 plus 10.00% of

�����������
not
over $300,000
������������
excess over
$262,500

���������
Over $300,000
���������������
$24,568.00 plus 11.00% of

����������������������������������������
excess
over $300,000.

����
In the case of any
taxable year beginning after December 31, 2024:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $14,400
������������
1.40% of taxable
income

���������
Over
$14,400 but
������������
$202.00 plus 3.20%
of

�����������
not
over $21,600
������������
excess over
$14,400

���������
Over
$21,600 but
������������
$432.00 plus 5.50%
of

�����������
not
over $28,800
������������
excess over
$21,600

���������
Over
$28,800 but
������������
$828.00 plus 6.40%
of

�����������
not
over $36,000
������������
excess over
$28,800

���������
Over
$36,000 but
������������
$1,289.00 plus
6.80% of

�����������
not
over $54,000
������������
excess over
$36,000

���������
Over
$54,000 but
������������
$2,513.00 plus
7.20% of

�����������
not
over $72,000
������������
excess over
$54,000

���������
Over
$72,000 but
������������
$3,809.00 plus
7.60% of

�����������
not
over $187,500
������������
excess over
$72,000

���������
Over
$187,500 but
������������
$12,587.00 plus
7.90% of

�����������
not
over $262,500
������������
excess over
$187,500

���������
Over
$262,500 but
������������
$18,512.00 plus
8.25% of

�����������
not
over $337,500
������������
excess over
$262,500

���������
Over
$337,500 but
������������
$24,699.00 plus
9.00% of

�����������
not
over $412,500
������������
excess over
$337,500

���������
Over $412,500 but
������������
$31,449.00 plus 10.00% of

�����������
not
over $487,500
������������
excess over
$412,500

���������
Over $487,500
���������������
$38,949.00 plus 11.00% of

����������������������������������������
excess
over $487,500.

����
In the case of any
taxable year beginning after December 31, 2026:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $21,600
������������
1.40% of taxable
income

���������
Over
$21,600 but
������������
$302.00 plus 3.20%
of

�����������
not
over $28,800
������������
excess over
$21,600

���������
Over
$28,800 but
������������
$533.00 plus 5.50%
of

�����������
not
over $36,000
������������
excess over
$28,800

���������
Over
$36,000 but
������������
$929.00 plus 6.40%
of

�����������
not
over $54,000
������������
excess over
$36,000

���������
Over
$54,000 but
������������
$2,081.00 plus
6.80% of

�����������
not
over $72,000
������������
excess over
$54,000

���������
Over
$72,000 but
������������
$3,305.00 plus
7.20% of

�����������
not
over $187,500
������������
excess over
$72,000

���������
Over
$187,500 but
������������
$11,621.00 plus
7.60% of

�����������
not
over $262,500
������������
excess over
$187,500

���������
Over
$262,500 but
������������
$17,321.00 plus
7.90% of

�����������
not
over $337,500
������������
excess over
$262,500

���������
Over
$337,500 but
������������
$23,246.00 plus
8.25% of

�����������
not
over $412,500
������������
excess over
$337,500

���������
Over
$412,500 but
������������
$29,433.00 plus
9.00% of

�����������
not
over $487,500
������������
excess over
$412,500

���������
Over $487,500 but
������������
$36,183.00 plus 10.00% of

�����������
not
over $600,000
������������
excess over
$487,500

���������
Over $600,000
���������������
$47,433.00 plus 11.00% of

����������������������������������������
excess
over $600,000.

����
In the case of any
taxable year beginning after December 31, 2028:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $28,800
������������
1.40% of taxable
income

���������
Over
$28,800 but
������������
$403.00 plus 3.20%
of

�����������
not
over $36,000
������������
excess over
$28,800

���������
Over
$36,000 but
������������
$634.00 plus 5.50%
of

�����������
not
over $54,000
������������
excess over
$36,000

���������
Over
$54,000 but
������������
$1,624.00 plus
6.40% of

�����������
not
over $72,000
������������
excess over
$54,000

���������
Over
$72,000 but
������������
$2,776.00 plus
6.80% of

�����������
not
over $187,500
������������
excess over
$72,000

���������
Over
$187,500 but
������������
$10,630.00 plus
7.20% of

�����������
not
over $262,500
������������
excess over
$187,500

���������
Over
$262,500 but
������������
$16,030.00 plus
7.60% of

�����������
not
over $337,500
������������
excess over
$262,500

���������
Over
$337,500 but
������������
$21,730.00 plus
7.90% of

�����������
not
over $412,500
������������
excess over
$337,500

���������
Over
$412,500 but
������������
$27,655.00 plus
8.25% of

�����������
not
over $487,500
������������
excess over
$412,500

���������
Over
$487,500 but
������������
$33,842.00 plus
9.00% of

�����������
not
over $600,000
������������
excess over
$487,500

���������
Over $600,000 but
������������
$43,967.00 plus 10.00% of

�����������
not
over $712,500
������������
excess over
$600,000

���������
Over $712,500
���������������
$55,217.00 plus 11.00% of

����������������������������������������
excess
over $712,500.

����
In the case of any
taxable year beginning after December 31, 2029:

���������
If
the taxable income is:
����
The tax
shall be:

���������
Not
over $28,800
������������
1.40% of
taxable income

���������
Over
$28,800 but
������������
$403.00
plus 3.20% of

�����������
not
over $36,000
������������
excess
over $28,800

���������
Over
$36,000 but
������������
$634.00
plus 5.50% of

�����������
not
over $54,000
������������
excess
over $36,000

���������
Over
$54,000 but
������������
$1,624.00
plus 6.40% of

�����������
not
over $72,000
������������
excess
over $54,000

���������
Over
$72,000 but
������������
$2,776.00
plus 6.80% of

�����������
not
over $187,500
������������
excess
over $72,000

���������
Over
$187,500 but
������������
$10,630.00
plus 7.20% of

�����������
not
over $262,500
������������
excess
over $187,500

���������
Over
$262,500 but
������������
$16,030.00
plus 7.60% of

�����������
not
over $337,500
������������
excess
over $262,500

���������
Over
$337,500 but
������������
$21,730.00
plus 7.90% of

�����������
not
over $412,500
������������
excess
over $337,500

���������
Over
$412,500 but
������������
$27,655.00
plus 8.25% of

�����������
not
over $487,500
������������
excess
over $412,500

���������
Over
$487,500 but
������������
$33,842.00
plus 9.00% of

�����������
not
over $600,000
������������
excess
over $487,500

���������
Over $600,000 but
������������
$43,967.00 plus 10.00% of

�����������
not
over $712,500
������������
excess
over $600,000

���������
Over $712,500 but
������������
$55,217.00 plus 11.00% of

�����������
not
over $1,425,000
����������
excess
over $712,500

������
Over
$1,425,000
�������������
$133,592.00
plus 16.00% of excess over $1,425,000.

����
(c)
�
There is hereby imposed on the taxable income
of (1) every unmarried individual (other than a surviving spouse, or the head
of a household) and (2) on the taxable income of every married individual who
does not make a single return jointly with the individual's spouse under
section 235-93 a tax determined in accordance with the following table:

����
In the case of any
taxable year beginning after December 31, 2017:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $2,400
�������������
1.40% of taxable
income

���������
Over
$2,400 but
�������������
$34.00 plus 3.20%
of

�����������
not
over $4,800
�������������
excess over
$2,400

���������
Over
$4,800 but
�������������
$110.00 plus 5.50%
of

�����������
not
over $9,600
�������������
excess over
$4,800

���������
Over
$9,600 but
�������������
$374.00 plus 6.40%
of

�����������
not
over $14,400
������������
excess over
$9,600

���������
Over
$14,400 but
������������
$682.00 plus 6.80%
of

�����������
not
over $19,200
������������
excess over
$14,400

���������
Over
$19,200 but
������������
$1,008.00 plus
7.20% of

�����������
not
over $24,000
������������
excess over
$19,200

���������
Over
$24,000 but
������������
$1,354.00 plus
7.60% of

�����������
not
over $36,000
������������
excess over
$24,000

���������
Over
$36,000 but
������������
$2,266.00 plus
7.90% of

�����������
not
over $48,000
������������
excess over
$36,000

���������
Over $48,000 but
������������
$3,214.00 plus 8.25% of

�����������
not
over $150,000
������������
excess over
$48,000

���������
Over
$150,000 but
������������
$11,629.00 plus
9.00% of

�����������
not
over $175,000
������������
excess over
$150,000

���������
Over $175,000 but
������������
$13,879.00 plus 10.00% of

�����������
not
over $200,000
������������
excess over
$175,000

���������
Over $200,000
���������������
$16,379.00 plus 11.00% of

����������������������������������������
excess
over $200,000.

����
In the case of any
taxable year beginning after December 31, 2024:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $9,600
�������������
1.40% of taxable
income

���������
Over
$9,600 but
�������������
$134.00 plus 3.20%
of

�����������
not
over $14,400
������������
excess over
$9,600

���������
Over
$14,400 but
������������
$288.00 plus 5.50%
of

�����������
not
over $19,200
������������
excess over
$14,400

���������
Over
$19,200 but
������������
$552.00 plus 6.40%
of

�����������
not
over $24,000
������������
excess over
$19,200

���������
Over
$24,000 but
������������
$859.00 plus 6.80%
of

�����������
not
over $36,000
������������
excess over
$24,000

���������
Over
$36,000 but
������������
$1,675.00 plus
7.20% of

�����������
not
over $48,000
������������
excess over
$36,000

���������
Over
$48,000 but
������������
$2,539.00 plus
7.60% of

�����������
not
over $125,000
������������
excess over
$48,000

���������
Over
$125,000 but
������������
$8,391.00 plus
7.90% of

�����������
not
over $175,000
������������
excess over
$125,000

���������
Over
$175,000 but
������������
$12,341.00 plus
8.25% of

�����������
not
over $225,000
������������
excess over
$175,000

���������
Over
$225,000 but
������������
$16,466.00 plus
9.00% of

�����������
not
over $275,000
������������
excess over
$225,000

���������
Over $275,000 but
������������
$20,966.00 plus 10.00% of

�����������
not
over $325,000
������������
excess over
$275,000

���������
Over $325,000
���������������
$25,966.00 plus 11.00% of

����������������������������������������
excess
over $325,000.

����
In the case of any
taxable year beginning after December 31, 2026:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $14,400
������������
1.40% of taxable
income

���������
Over
$14,400 but
������������
$202.00 plus 3.20%
of

�����������
not
over $19,200
������������
excess over
$14,400

���������
Over
$19,200 but
������������
$355.00 plus 5.50%
of

�����������
not
over $24,000
������������
excess over
$19,200

���������
Over
$24,000 but
������������
$619.00 plus 6.40%
of

�����������
not
over $36,000
������������
excess over
$24,000

���������
Over
$36,000 but
������������
$1,387.00 plus
6.80% of

�����������
not
over $48,000
������������
excess over
$36,000

���������
Over
$48,000 but
������������
$2,203.00 plus
7.20% of

�����������
not
over $125,000
������������
excess over
$48,000

���������
Over
$125,000 but
������������
$7,747.00 plus
7.60% of

�����������
not
over $175,000
������������
excess over
$125,000

���������
Over
$175,000 but
������������
$11,547.00 plus
7.90% of

�����������
not
over $225,000
������������
excess over
$175,000

���������
Over
$225,000 but
������������
$15,497.00 plus
8.25% of

�����������
not
over $275,000
������������
excess over
$225,000

���������
Over
$275,000 but
������������
$19,622.00 plus
9.00% of

�����������
not
over $325,000
������������
excess over
$275,000

���������
Over $325,000 but
������������
$24,122.00 plus 10.00% of

�����������
not
over $400,000
������������
excess over
$325,000

���������
Over $400,000
���������������
$31,622.00 plus 11.00% of

����������������������������������������
excess
over $400,000.

����
In the case of any
taxable year beginning after December 31, 2028:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $19,200
������������
1.40% of taxable
income

���������
Over
$19,200 but
������������
$269.00 plus 3.20%
of

�����������
not
over $24,000
������������
excess over
$19,200

���������
Over
$24,000 but
������������
$422.00 plus 5.50%
of

�����������
not
over $36,000
������������
excess over
$24,000

���������
Over
$36,000 but
������������
$1,082.00 plus
6.40% of

�����������
not
over $48,000
������������
excess over
$36,000

���������
Over
$48,000 but
������������
$1,850.00 plus
6.80% of

�����������
not
over $125,000
������������
excess over
$48,000

���������
Over
$125,000 but
������������
$7,086.00 plus
7.20% of

�����������
not
over $175,000
������������
excess over
$125,000

���������
Over
$175,000 but
������������
$10,686.00 plus
7.60% of

�����������
not
over $225,000
������������
excess over
$175,000

���������
Over
$225,000 but
������������
$14,486.00 plus
7.90% of

�����������
not
over $275,000
������������
excess over
$225,000

���������
Over
$275,000 but
������������
$18,436.00 plus
8.25% of

�����������
not
over $325,000
������������
excess over
$275,000

���������
Over
$325,000 but
������������
$22,561.00 plus
9.00% of

�����������
not
over $400,000
������������
excess over
$325,000

���������
Over $400,000 but
������������
$29,311.00 plus 10.00% of

�����������
not
over $475,000
������������
excess over
$400,000

���������
Over $475,000
���������������
$36,811.00 plus 11.00% of

����������������������������������������
excess
over $475,000.

����
In the case of any
taxable year beginning after December 31, 2028:

���������
If
the taxable income is:
����
The tax shall
be:

���������
Not
over $19,200
������������
1.40% of taxable
income

���������
Over
$19,200 but
������������
$269.00 plus 3.20%
of

�����������
not
over $24,000
������������
excess over
$19,200

���������
Over
$24,000 but
������������
$422.00 plus 5.50%
of

�����������
not
over $36,000
������������
excess over
$24,000

���������
Over
$36,000 but
������������
$1,082.00 plus
6.40% of

�����������
not
over $48,000
������������
excess over
$36,000

���������
Over
$48,000 but
������������
$1,850.00 plus
6.80% of

�����������
not
over $125,000
������������
excess over
$48,000

���������
Over
$125,000 but
������������
$7,086.00 plus
7.20% of

�����������
not
over $175,000
������������
excess over
$125,000

���������
Over
$175,000 but
������������
$10,686.00 plus
7.60% of

�����������
not
over $225,000
������������
excess over
$175,000

���������
Over
$225,000 but
������������
$14,486.00 plus
7.90% of

�����������
not
over $275,000
������������
excess over
$225,000

���������
Over
$275,000 but
������������
$18,436.00 plus
8.25% of

�����������
not
over $325,000
������������
excess over
$275,000

���������
Over
$325,000 but
������������
$22,561.00 plus
9.00% of

�����������
not
over $400,000
������������
excess over
$325,000

���������
Over $400,000 but
������������
$29,311.00 plus 10.00% of

�����������
not
over $475,000
������������
excess over
$400,000

���������
Over $475,000
���������������
$36,811.00 plus 11.00% of

����������������������������������������
excess
over $475,000.

����
In the case of any
taxable year beginning after December 31, 2029:

���������
If
the taxable income is:
����
The tax
shall be:

���������
Not
over $19,200
������������
1.40% of
taxable income

���������
Over
$19,200 but
������������
$269.00
plus 3.20% of

�����������
not
over $24,000
������������
excess
over $19,200

���������
Over
$24,000 but
������������
$422.00
plus 5.50% of

�����������
not
over $36,000
������������
excess
over $24,000

���������
Over
$36,000 but
������������
$1,082.00
plus 6.40% of

�����������
not
over $48,000
������������
excess
over $36,000

���������
Over
$48,000 but
������������
$1,850.00
plus 6.80% of

�����������
not
over $125,000
������������
excess
over $48,000

���������
Over
$125,000 but
������������
$7,086.00
plus 7.20% of

�����������
not
over $175,000
������������
excess
over $125,000

���������
Over
$175,000 but
������������
$10,686.00
plus 7.60% of

�����������
not
over $225,000
������������
excess
over $175,000

���������
Over
$225,000 but
������������
$14,486.00
plus 7.90% of

�����������
not
over $275,000
������������
excess
over $225,000

���������
Over
$275,000 but
������������
$18,436.00
plus 8.25% of

�����������
not
over $325,000
������������
excess
over $275,000

���������
Over
$325,000 but
������������
$22,561.00
plus 9.00% of

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not
over $400,000
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excess
over $325,000

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Over $400,000 but
������������
$29,311.00 plus 10.00% of

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not
over $475,000
������������
excess
over $400,000

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Over $475,000 but
������������
$36,811.00 plus 11.00% of

�����������
not
over $950,000
������������
excess
over $475,000

���������
Over $950,000
���������������
$89,061.00 plus 16.00% of

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�
excess over $950,000.
"

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SECTION 3.
�
New statutory material is underscored.

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SECTION 4.
�
This Act, upon its approval, shall apply to
taxable years beginning after December 31, 2029.

INTRODUCED BY:

_____________________________

Report Title:

Income
Tax; Higher-Income Earner Tax Bracket

Description:

Establishes
a new bracket for higher-income earners for taxable years beginning after
12/31/2029.

The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.