Informing the Legislature that on June 3, 2024, the Governor signed the following bill into law: HB2404 HD1 SD1 CD1 (ACT 046).

This bill, signed into law by Governor Josh Green on June 3, 2024, updates Hawaii's income tax code to align with federal inflation adjustments. It establishes specific standard deduction amounts for different filing statuses, such as setting the deduction for married couples filing jointly at $8,800 for tax years starting after December 31, 2023. The law also clarifies that certain federal deductions, including those for real property taxes and disaster losses, will not apply to Hawaii state income tax calculations. These changes directly affect state taxpayers by defining how much they can deduct from their income before calculating state tax liability.