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Hawaii To Allocate Up To $300 Million Excess Budget For 2023 Tax Rebates

Tax Rebates [Photo: Shutterstock]
Tax Rebates [Photo: Shutterstock]

The state of Hawaii has plans to allocate its $300 million excess budget to tax rebates this 2023. However, this tax rebate program will be different from last year because it will cater to middle and low-class residents.

Tax Rebates

Tax Rebates

Residents of Hawaii can look forward to receiving tax rebates this 2023 after receiving $300 tax rebates last 2022. Hawaii Governor Josh Green plans to issue another round of tax rebates from the state’s $100 million to $300 million excess budget. However, this proposal for another tax rebate will be different from the one in 2022. This is because the tax rebates this 2023 are intended for the middle and low-class residents who are struggling with the inflation and the rising costs of living in Hawaii, as reported by Xie.

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Tax Rebates In 2022

In 2022, the residents of Hawaii have received a one-time tax rebate. Eligible were those who have filed an individual income tax return for 2021 on or before December 31, 2022. The amount of tax rebates received from the Act 115 Refund was based on the filer’s status on filing, federal adjusted gross income, and the number of exemptions they were allowed to claim. Only one tax rebate was allowed per filer. The tax rebates amounted from $100 to $300.

According to Xie, individual filers who make an income of less than $100,000 were eligible for the $300 tax rebates. However, if they make more than $100,000, they will receive $100 only. The same goes for the heads of households who make an income of less than $100,000. They were eligible for the $300 tax rebates. However, heads of households who make more than $100,000 will receive $100 only as well. On the other hand, joint filers who are married and make an income of less than $200,000 were eligible for the $300 tax rebates. However, if they make more than $200,000, they will receive $100 only.

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