HB 707 Hawaii House · 2025 Regular Session

RELATING TO THE COLLEGE SAVINGS PROGRAM.

Summary

Establishes a state income tax deduction for contributions made to Hawaii 529 accounts through the college savings program and accounts made through the Hawaii ABLE Savings Program. Conforms to the amendments of the Internal Revenue Code that authorize 529 benefits to be used for K-12 educational expenses. Effective 7/1/3000. (HD1)

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 17, 2025 Last action Feb 13, 2025

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What changed between versions

HB707 → HB707_HD1 · 4 edits

MODERATE

The bill was amended to expand its scope by adding the Hawaii Achieving a Better Life Experience (ABLE) Savings Program alongside the existing 529 college savings program. This change allows state income tax deductions for contributions to both programs and clarifies that the tax deduction applies to contributions made to accounts under both chapter 256 and chapter 256B. The bill also retains the opt-in for K-12 educational expenses under federal 529 rules.

Scope change

The bill's scope was expanded from only covering the 529 college savings program to also include the Hawaii ABLE Savings Program, broadening the range of accounts eligible for state tax deductions.

SCOPE

Added the Hawaii ABLE Savings Program (chapter 256B) as an eligible account type for state income tax deductions alongside the existing 529 college savings program.

ELIGIBILITY

Modified the tax deduction eligibility criteria to include contributions made to accounts under both chapter 256 and chapter 256B, expanding who can claim the deduction.

TIMELINE

Changed the effective date from 'upon approval' to 'July 1, 3000,' which appears to be a placeholder or error that may need correction.

DESCRIPTION

Updated the bill's summary description to reflect the inclusion of the ABLE Savings Program and the new effective date.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 13, 2025

Committee

Reported from HED/EDN (Stand. Com. Rep. No. 571) as amended in HD 1, recommending passage on Second Reading and referral to FIN.

lower

Feb 11, 2025

Lower · Passed

The committee on EDN recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 10 Ayes: Representative(s) Woodson, La Chica, Amato, Evslin, Garrett, Kapela, Olds, Sayama, Muraoka, Souza; Ayes with reservations: none; Noes: none; and 1 Excused: Representative(s) Kila.

lower

Feb 11, 2025

Lower · Passed

The committee on HED recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 10 Ayes: Representative(s) Garrett, Amato, Evslin, Kapela, La Chica, Olds, Sayama, Woodson, Muraoka, Souza; Ayes with reservations: none; Noes: none; and 1 Excused: Representative(s) Kila.

lower

Jan 27, 2025

Committee

Re-referred to HED/EDN, FIN, referral sheet 4

lower

Jan 21, 2025

Committee

Referred to HED, FIN, referral sheet 2

lower

Jan 21, 2025

Introduced

Introduced and Pass First Reading.

lower

Jan 17, 2025

Introduced

Pending introduction.

lower

1 primary · 0 co-sponsors