Governor approves $300 tax refunds, signs law raising minimum wage to $18
HONOLULU (HawaiiNewsNow) - The checks are on the way.
In a ceremony Wednesday, the governor signed Senate Bill 514 into law, providing tax refunds of $300 to individuals who make less than $100,000 a year ― or $200,000 as a family.
Under the law, a family of four could get $1,200 in tax refunds.
Those who earn more than $100,000 a year will get a $100 tax refund.
Officials said the state is slated to begin processing the refunds in the last week of August.
“I am sure, especially for those hard working families, that the $300 for every exemption is going to go right back into the economy to strengthen other families as well,” said former Rep. Sylvia Luke, who is running for lieutenant governor.
Also Wednesday, Gov. David Ige signed a bill raising the minimum wage in Hawaii to $18 per hour by Jan. 1, 2028.
Ige said that this “balanced approach” will begin in increments, starting by raising the minimum wage from $10.10 an hour to $12 in October. The minimum wage will then rise to:
- $14 starting Jan. 1, 2024
- $16 starting Jan. 1, 2026
- $18 starting Jan. 1, 2028
Ige added that the raise is “long overdue,” and will help the 90,000 workers in Hawaii who earn minimum wage. “I’m excited to sign two bills that are really focused on helping working families and the people who need the help the most,” Ige said.
The measure includes the tax refunds also allocates $500 million toward the state’s “rainy day” fund, and $300 million into the pension accumulation fund.
Copyright 2022 Hawaii News Now. All rights reserved.