April 29, 2006 at 2:10 PM HST - Updated July 11 at 10:01 PM
(KHNL) While most taxpayers in the state will save some money with the plan, the benefits of the plan are focused on the state's poor.
Lawmakers approve $50 million in tax cuts. House and Senate committee members passed a bill late last night providing about 50 million dollars in tax cuts.
Lawmakers gave initial approval to a plan that would both expand the state's tax brackets by 20 percent and increase the standard income tax deduction to 40 percent of federal level.
House Finance Chairman Dwight Takamine says for single filers most of the benefit will be for those making ten thousand dollars or less. For joint filers most of the benefit will be for those making 30-thousand dollars and less.
The bill also includes a tax credit for those flooded during the Manoa and this winter's rains at a cost of an additional nine million dollars to the state.