Tax Break For Flood Victims - Hawaii News Now - KGMB and KHNL

Tax Break For Flood Victims

(KHNL) Last night lawmakers agreed to provide more than fifty million dollars in tax relief and give a tax credit to victims of the recent heavy rains and floods. But some say the tax breaks won't help a majority of flood victims and others feel the extra money should be put to better use.

Raymond Lalosin is still recovering from last month's devastating flood, "and we're not done yet. I'd estimate it's about 75 percent done." By the time he's done, Lalosin estimates the repairs to his home will cost around 40-thousand dollars. With the proposed tax credit, Lalosin would be eligible for 10-percent of damage not covered by insurance up to 10-thousand dollars.

Lawmakers also agreed to expand income tax brackets by twenty percent. Some would pay lower taxes, but most of the relief would go to those making little money. Low income families, students, and part time workers. 

That credit will cost the state about forty million dollars a year. The flood victim credit would cost the state more than 9-million. 

Lalosin says, "i'll probably take it, won't mean much but i'll take it."

Final votes on all bills are next week, before the session ends. If passed, they will then go to Governor Lingle for her approval.

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