Drake Tax – Form Availability and Tax Changes: Hawaii

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Article #: 20013

Supported Forms

The following Hawaii forms are supported in Drake Tax . HI forms cannot be e-signed.

Note Dates shown below are estimates based on the most up-to-date information currently available to Drake Software.

We are committed to meeting or exceeding the delivery dates listed; however, there may be additional factors that could impact the final date. The chart will be updated as new information becomes available.

Chart key:

✔ Form is available for e-file / paper file.

✖ Form is not supported for e-file / paper file.

▲ Form is in development; an estimated availability date is not currently available.

MM/DD Estimated availability date. Note that the date may differ for e-file vs. paper-file, and in some cases, e-filing may be approved before paper-filing or vice versa.

See Drake Tax – Do Not Mail Watermarks, Banners, EF Message 0001, Note 129 for more information about the notes, EF Messages, or watermarks that are generated during the approval process.

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2025

1040

Form Description e-File Paper-File
HI4562 Depreciation and Amortization ✖ ✔
N-103 Sale of Your Home ✖ ✔
N-11 Individual Income Tax Return Resident ✔ ✔
N-110 Statement of Person Claiming Refund Due ✔ ✔
N-139 Moving Expenses ✖ ✔
N-15 Individual Income Tax Return Nonresident and Part-Year Resident ✔ ✔
N-152 Tax on Lump-Sum Distributions ✖ ✔
N-158 Investment Interest Expense Deduction ✔ ✔
N-163 Fuel Tax Credit for Commercial Fishers ✔ ✔
N-168 Income Averaging for Farmers and Fishermen ✖ ✔
N-200V Individual Income Tax Payment Voucher ✖ ✔
N-210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts ✔ ✔
N-311 Refundable Food/Excise Tax Credit ✔ ✔
N-312 Capital Goods Excise Tax Credit ✔ ✔
N-323 Carryover of Tax Credits ✔ ✔
N-325 Historic Preservation Income Tax Credit ✖ ✔
N-330 Credit for School Repair and Maintenance ✖ ✔
N-338 Recapture of Tax Credit for Flood Victims ✖ ✔
N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit ✖ ✔
N-342 Renewable Energy Technologies Income Tax Credit ✔ ✔
N-342A Information Statement Concerning Renewable Energy Technologies Income Tax Credit ✔ ✔
N-344 Important Agricultural Land Qualified Agricultural Cost Tax Credit ✖ ✔
N-346 Tax Credit for Research Activities ✖ ✔
N-348 Capital Infrastructure Tax Credit ✖ ✔
N-356 Earned Income Tax Credit ✔ ✔
N-358 Healthcare Preceptor Income Tax Credit ✖ ✔
N-360 Renewable Fuels Production Tax Credit ✖ ✔
N-362 Pass-Through Entity Tax Credit ✔ ✔
N-405 Tax on Accumulation Distribution of Trusts ✖ ✔
N-364 Claim of Right Tax Credit ✖ ✖
N-586 Tax Credit for Low-Income Housing ✖ ✔
N-615 Computation of Tax for Children Under Age 14 Who Have Unearned Income of More than $1,000 ✔ ✔
N-756 Enterprise Zone Tax Credit ✖ ✔
N-814 Parent’s Election to Report Child’s Interest and Dividends ✖ ✔
N-848 Power of Attorney ✖ ✔
N-884 Credit for Employment of Vocational Rehabilitation Referrals ✖ ✔
Schedule AMD Explanation of Changes on Amended Return ✔ ✔
Schedule CR Schedule of Tax Credits ✔ ✔
Schedule D-1 Sales of Business Property ✖ ✔
Schedule J (N-11/N-15/N-40) Supplemental Annuities Schedule ✖ ✔
Schedule K-1 (N-20) Partner’s Share of Income, Credits, Deductions, etc. ✖ ✔
Schedule K-1 (N-35) Shareholder’s Share of Income, Credits, Deductions, etc. ✖ ✔
Schedule X (N-11/N-15) Tax Credits for Hawaii Residents ✔ ✔

1041

Form Description e-File Paper-File
HI4562 Depreciation and Amortization ✖ ✔
N-152 Tax on Lump-Sum Distributions ✖ ✔
N-158 Investment Interest Expense Deduction ✔ ✔
N-163 Fuel Tax Credit for Commercial Fishers ✔ ✔
N-201V Business Income Tax Payment Voucher ✖ ✔
N-210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts ✔ ✔
N-312 Capital Goods Excise Tax Credit ✔ ✔
N-323 Carryover of Tax Credits ✔ ✔
N-325 Historic Preservation Income Tax Credit ✖ ✔
N-330 Credit for School Repair and Maintenance ✖ ✔
N-338 Recapture of Tax Credit for Flood Victims ✖ ✔
N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit ✖ ✔
N-342 Renewable Energy Technologies Income Tax Credit ✔ ✔
N-342A Information Statement Concerning Renewable Energy Technologies Income Tax Credit ✔ ✔
N-344 Important Agricultural Land Qualified Agricultural Cost Tax Credit ✖ ✔
N-346 Tax Credit for Research Activities ✖ ✔
N-348 Capital Infrastructure Tax Credit ✖ ✔
N-360 Renewable Fuels Production Tax Credit ✖ ✔
N-362 Pass-Through Entity Tax Credit ✔ ✔
N-4T Statement of Withholding for a Nonresident Beneficiary of a Trust or Estate ✔ ✔
N-40 Fiduciary Income Tax Return ✔ ✔
N-40T Allocation of Estimated Tax Payments to Beneficiaries ✖ ✔
N-364 Claim of Right Tax Credit ✖ ✖
N-586 Tax Credit for Low-Income Housing ✖ ✔
N-756 Enterprise Zone Tax Credit ✖ ✔
N-848 Power of Attorney ✖ ✔
N-884 Credit for Employment of Vocational Rehabilitation Referrals ✖ ✔
Schedule AMD Explanation of Changes on Amended Return ✔ ✔
Schedule CR Schedule of Tax Credits ✔ ✔
Schedule D (N-40) Capital Gains and Losses ✖ ✔
Schedule D-1 Sales of Business Property ✖ ✔
Schedule J (N-11/N-15/N-40) Supplemental Annuities Schedule ✖ ✔
Schedule K-1 (N-40) Beneficiary’s Share of Income, Deductions, Credits, etc. ✖ ✔
Schedule NT Allocation of Withholding Payment to Nonresident Beneficiaries ✖ ✖

1065

Form Description e-File Paper-File
HI4562 Depreciation and Amortization ✖ ✔
N-163 Fuel Tax Credit for Commercial Fishers ✔ ✔
N-20 Partnership Return of Income ✔ ✔
N-201V Business Income Tax Payment Voucher ✖ ✔
N-312 Capital Goods Excise Tax Credit ✔ ✔
N-325 Historic Preservation Income Tax Credit ✖ ✔
N-330 Credit for School Repair and Maintenance ✖ ✔
N-338 Recapture of Tax Credit for Flood Victims ✖ ✔
N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit ✖ ✔
N-342 Renewable Energy Technologies Income Tax Credit ✔ ✔
N-342A Information Statement Concerning Renewable Energy Technologies Income Tax Credit ✔ ✔
N-344 Important Agricultural Land Qualified Agricultural Cost Tax Credit ✖ ✔
N-346 Tax Credit for Research Activities ✖ ✔
N-348 Capital Infrastructure Tax Credit ✖ ✔
N-360 Renewable Fuels Production Tax Credit ✖ ✔
N-362 Pass-Through Entity Tax Credit ✔ ✔
N-362E Pass-Through Entity Tax Election ✔ ✔
N-586 Tax Credit for Low-Income Housing ✖ ✔
N-756 Enterprise Zone Tax Credit ✖ ✔
N-848 Power of Attorney ✖ ✔
N-884 Credit for Employment of Vocational Rehabilitation Referrals ✖ ✔
Schedule AMD Explanation of Changes on Amended Return ✔ ✔
Schedule D (N-20) Capital Gains and Losses ✖ ✔
Schedule D-1 Sales of Business Property ✖ ✔
Schedule K-1 (N-20) Partner’s Share of Income, Credits, Deductions, etc. ✖ ✔
Schedule NP Allocation of Withholding Payment to Nonresident Partners ✔ ✔
Schedule O (N-20/N-30) Allocation and Apportionment of Income ✖ ✔
Schedule P (N-20/N-30) Computation of Apportionment Factors ✖ ✔
Schedule PTE Pass-Through Entity Tax Calculation ✖ ✔
Schedule PTE-U Upper-Tier Pass-Through Entity Tax Credit Allocation ✔ ✔

1120

Form Description e-File Paper-File
HI4562 Depreciation and Amortization ✖ ✔
N-163 Fuel Tax Credit for Commercial Fishers ✔ ✔
N-201V Business Income Tax Payment Voucher ✖ ✔
N-220 Underpayment of Estimated Tax by Corporations and S Corporations ✖ ✔
N-30 Corporation Income Tax Return ✔ ✔
N-312 Capital Goods Excise Tax Credit ✔ ✔
N-323 Carryover of Tax Credits ✔ ✔
N-325 Historic Preservation Income Tax Credit ✖ ✔
N-330 Credit for School Repair and Maintenance ✖ ✔
N-338 Recapture of Tax Credit for Flood Victims ✖ ✔
N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit ✖ ✔
N-342 Renewable Energy Technologies Income Tax Credit ✔ ✔
N-342A Information Statement Concerning Renewable Energy Technologies Income Tax Credit ✔ ✔
N-344 Important Agricultural Land Qualified Agricultural Cost Tax Credit ✖ ✔
N-346 Tax Credit for Research Activities ✖ ✔
N-348 Capital Infrastructure Tax Credit ✖ ✔
N-360 Renewable Fuels Production Tax Credit ✖ ✔
N-586 Tax Credit for Low-Income Housing ✖ ✔
N-756 Enterprise Zone Tax Credit ✖ ✔
N-848 Power of Attorney ✖ ✔
N-884 Credit for Employment of Vocational Rehabilitation Referrals ✖ ✔
Schedule AMD Explanation of Changes on Amended Return ✔ ✔
Schedule CR Schedule of Tax Credits ✔ ✔
Schedule D (N-30/N-70NP) Capital Gains and Losses ✖ ✔
Schedule D-1 Sales of Business Property ✖ ✔
Schedule O (N-20/N-30) Allocation and Apportionment of Income ✖ ✔
Schedule P (N-20/N-30) Computation of Apportionment Factors ✖ ✔

1120-S

Form Description e-File Paper-File
HI4562 Depreciation and Amortization ✖ ✔
N-163 Fuel Tax Credit for Commercial Fishers ✔ ✔
N-201V Business Income Tax Payment Voucher ✖ ✔
N-220 Underpayment of Estimated Tax by Corporations and S Corporations ✖ ✔
N-312 Capital Goods Excise Tax Credit ✔ ✔
N-325 Historic Preservation Income Tax Credit ✖ ✔
N-330 Credit for School Repair and Maintenance ✖ ✔
N-338 Recapture of Tax Credit for Flood Victims ✖ ✔
N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit ✖ ✔
N-342 Renewable Energy Technologies Income Tax Credit ✔ ✔
N-342A Information Statement Concerning Renewable Energy Technologies Income Tax Credit ✔ ✔
N-344 Important Agricultural Land Qualified Agricultural Cost Tax Credit ✖ ✔
N-346 Tax Credit for Research Activities ✖ ✔
N-348 Capital Infrastructure Tax Credit ✖ ✔
N-35 S Corporation Income Tax Return ✔ ✔
N-360 Renewable Fuels Production Tax Credit ✖ ✔
N-362 Pass-Through Entity Tax Credit ✔ ✔
N-362E Pass-Through Entity Tax Election ✔ ✔
N-4 Statement of Withholding for a Nonresident Shareholder of an S Corporation ✖ ✔
N-586 Tax Credit for Low-Income Housing ✖ ✔
N-756 Enterprise Zone Tax Credit ✖ ✔
N-848 Power of Attorney ✖ ✔
N-884 Credit for Employment of Vocational Rehabilitation Referrals ✖ ✔
Schedule AMD Explanation of Changes on Amended Return ✔ ✔
Schedule D (N-35) Capital Gains and Losses and Built-in Gains ✖ ✔
Schedule D-1 Sales of Business Property ✖ ✔
Schedule K-1 (N-35) Shareholder’s Share of Income, Credits, Deductions, etc. ✖ ✔
Schedule PTE Pass-Through Entity Tax Calculation ✖ ✔
Schedule PTE-U Upper-Tier Pass-Through Entity Tax Credit Allocation ✔ ✔

New Forms

  • N-4T, Statement of Withholding for a Nonresident Beneficiary of a Trust or Estate

  • N-364, Claim of Right Tax Credit

  • Schedule NT, Allocation of Withholding Payment to Nonresident Beneficiaries

2024

1040

Form Description e-File Paper-File
HI4562 Depreciation and Amortization ✖ ✔
N-103 Sale of Your Home ✖ ✔
N-11 Individual Income Tax Return Resident ✔ ✔
N-110 Statement of Person Claiming Refund Due ✔ ✔
N-139 Moving Expenses ✖ ✔
N-15 Individual Income Tax Return Nonresident and Part-Year Resident ✔ ✔
N-152 Tax on Lump-Sum Distributions ✖ ✔
N-158 Investment Interest Expense Deduction ✔ ✔
N-163 Fuel Tax Credit for Commercial Fishers ✔ ✔
N-168 Income Averaging for Farmers and Fishermen ✖ ✔
N-200V Individual Income Tax Payment Voucher ✖ ✔
N-210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts ✔ ✔
N-311 Refundable Food/Excise Tax Credit ✔ ✔
N-312 Capital Goods Excise Tax Credit ✔ ✔
N-323 Carryover of Tax Credits ✔ ✔
N-325 Historic Preservation Income Tax Credit ✖ ✔
N-330 Credit for School Repair and Maintenance ✖ ✔
N-338 Recapture of Tax Credit for Flood Victims ✖ ✔
N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit ✖ ✔
N-342 Renewable Energy Technologies Income Tax Credit ✔ ✔
N-342A Information Statement Concerning Renewable Energy Technologies Income Tax Credit ✔ ✔
N-344 Important Agricultural Land Qualified Agricultural Cost Tax Credit ✖ ✔
N-346 Tax Credit for Research Activities ✖ 04/12
N-348 Capital Infrastructure Tax Credit ✖ ✔
N-356 Earned Income Tax Credit ✔ ✔
N-358 Healthcare Preceptor Income Tax Credit ✖ ✔
N-360 Renewable Fuels Production Tax Credit ✖ ✔
N-362 Pass-Through Entity Tax Credit ✔ ✔
N-405 Tax on Accumulation Distribution of Trusts ✖ ✔
N-586 Tax Credit for Low-Income Housing ✖ ✔
N-615 Computation of Tax for Children Under Age 14 Who Have Unearned Income of More than $1,000 ✔ ✔
N-756 Enterprise Zone Tax Credit ✖ ✔
N-814 Parent’s Election to Report Child’s Interest and Dividends ✖ ✔
N-848 Power of Attorney ✖ ✔
N-884 Credit for Employment of Vocational Rehabilitation Referrals ✖ ✔
Schedule AMD Explanation of Changes on Amended Return ✔ ✔
Schedule CR Schedule of Tax Credits ✔ ✔
Schedule D-1 Sales of Business Property ✖ ✔
Schedule J (N-11/N-15/N-40) Supplemental Annuities Schedule ✖ ✔
Schedule K-1 (N-20) Partner’s Share of Income, Credits, Deductions, etc. ✖ ✔
Schedule K-1 (N-35) Shareholder’s Share of Income, Credits, Deductions, etc. ✖ ✔
Schedule X (N-11/N-15) Tax Credits for Hawaii Residents ✔ ✔

1041

Form Description e-File Paper-File
HI4562 Depreciation and Amortization ✖ ✔
N-152 Tax on Lump-Sum Distributions ✖ ✔
N-158 Investment Interest Expense Deduction ✔ ✔
N-163 Fuel Tax Credit for Commercial Fishers ✔ ✔
N-201V Business Income Tax Payment Voucher ✖ ✔
N-210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts ✔ ✔
N-312 Capital Goods Excise Tax Credit ✔ ✔
N-323 Carryover of Tax Credits ✔ ✔
N-325 Historic Preservation Income Tax Credit ✖ ✔
N-330 Credit for School Repair and Maintenance ✖ ✔
N-338 Recapture of Tax Credit for Flood Victims ✖ ✔
N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit ✖ ✔
N-342 Renewable Energy Technologies Income Tax Credit ✔ ✔
N-342A Information Statement Concerning Renewable Energy Technologies Income Tax Credit ✔ ✔
N-344 Important Agricultural Land Qualified Agricultural Cost Tax Credit ✖ ✔
N-346 Tax Credit for Research Activities ✖ 04/12
N-348 Capital Infrastructure Tax Credit ✖ ✔
N-360 Renewable Fuels Production Tax Credit ✖ ✔
N-362 Pass-Through Entity Tax Credit ✔ ✔
N-40 Fiduciary Income Tax Return ✔ ✔
N-40T Allocation of Estimated Tax Payments to Beneficiaries ✖ ✔
N-586 Tax Credit for Low-Income Housing ✖ ✔
N-756 Enterprise Zone Tax Credit ✖ ✔
N-848 Power of Attorney ✖ ✔
N-884 Credit for Employment of Vocational Rehabilitation Referrals ✖ ✔
Schedule AMD Explanation of Changes on Amended Return ✔ ✔
Schedule CR Schedule of Tax Credits ✔ ✔
Schedule D (N-40) Capital Gains and Losses ✖ ✔
Schedule D-1 Sales of Business Property ✖ ✔
Schedule J (N-11/N-15/N-40) Supplemental Annuities Schedule ✖ ✔
Schedule K-1 (N-40) Beneficiary’s Share of Income, Deductions, Credits, etc. ✖ ✔

1065

Form Description e-File Paper-File
HI4562 Depreciation and Amortization ✖ ✔
N-163 Fuel Tax Credit for Commercial Fishers ✔ ✔
N-20 Partnership Return of Income ✔ ✔
N-201V Business Income Tax Payment Voucher ✖ ✔
N-312 Capital Goods Excise Tax Credit ✔ ✔
N-325 Historic Preservation Income Tax Credit ✖ ✔
N-330 Credit for School Repair and Maintenance ✖ ✔
N-338 Recapture of Tax Credit for Flood Victims ✖ ✔
N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit ✖ ✔
N-342 Renewable Energy Technologies Income Tax Credit ✔ ✔
N-342A Information Statement Concerning Renewable Energy Technologies Income Tax Credit ✔ ✔
N-344 Important Agricultural Land Qualified Agricultural Cost Tax Credit ✖ ✔
N-346 Tax Credit for Research Activities ✖ 04/12
N-348 Capital Infrastructure Tax Credit ✖ ✔
N-360 Renewable Fuels Production Tax Credit ✖ ✔
N-362 Pass-Through Entity Tax Credit ✔ ✔
N-362E Pass-Through Entity Tax Election ✔ ✔
N-586 Tax Credit for Low-Income Housing ✖ ✔
N-756 Enterprise Zone Tax Credit ✖ ✔
N-848 Power of Attorney ✖ ✔
N-884 Credit for Employment of Vocational Rehabilitation Referrals ✖ ✔
Schedule AMD Explanation of Changes on Amended Return ✔ ✔
Schedule D (N-20) Capital Gains and Losses ✖ ✔
Schedule D-1 Sales of Business Property ✖ ✔
Schedule K-1 (N-20) Partner’s Share of Income, Credits, Deductions, etc. ✖ ✔
Schedule O (N-20/N-30) Allocation and Apportionment of Income ✖ ✔
Schedule P (N-20/N-30) Computation of Apportionment Factors ✖ ✔
Schedule PTE Pass-Through Entity Tax Calculation ✖ ✔
Schedule PTE-U Upper-Tier Pass-Through Entity Tax Credit Allocation ✔ ✔

1120

Form Description e-File Paper-File
HI4562 Depreciation and Amortization ✖ ✔
N-163 Fuel Tax Credit for Commercial Fishers ✔ ✔
N-201V Business Income Tax Payment Voucher ✖ ✔
N-220 Underpayment of Estimated Tax by Corporations and S Corporations ✖ ✔
N-30 Corporation Income Tax Return ✔ ✔
N-312 Capital Goods Excise Tax Credit ✔ ✔
N-323 Carryover of Tax Credits ✔ ✔
N-325 Historic Preservation Income Tax Credit ✖ ✔
N-330 Credit for School Repair and Maintenance ✖ ✔
N-338 Recapture of Tax Credit for Flood Victims ✖ ✔
N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit ✖ ✔
N-342 Renewable Energy Technologies Income Tax Credit ✔ ✔
N-342A Information Statement Concerning Renewable Energy Technologies Income Tax Credit ✔ ✔
N-344 Important Agricultural Land Qualified Agricultural Cost Tax Credit ✖ ✔
N-346 Tax Credit for Research Activities ✖ 04/12
N-348 Capital Infrastructure Tax Credit ✖ ✔
N-360 Renewable Fuels Production Tax Credit ✖ ✔
N-586 Tax Credit for Low-Income Housing ✖ ✔
N-756 Enterprise Zone Tax Credit ✖ ✔
N-848 Power of Attorney ✖ ✔
N-884 Credit for Employment of Vocational Rehabilitation Referrals ✖ ✔
Schedule AMD Explanation of Changes on Amended Return ✔ ✔
Schedule CR Schedule of Tax Credits ✔ ✔
Schedule D (N-30/N-70NP) Capital Gains and Losses ✖ ✔
Schedule D-1 Sales of Business Property ✖ ✔
Schedule O (N-20/N-30) Allocation and Apportionment of Income ✖ ✔
Schedule P (N-20/N-30) Computation of Apportionment Factors ✖ ✔

1120-S

Form Description e-File Paper-File
HI4562 Depreciation and Amortization ✖ ✔
N-163 Fuel Tax Credit for Commercial Fishers ✔ ✔
N-201V Business Income Tax Payment Voucher ✖ ✔
N-220 Underpayment of Estimated Tax by Corporations and S Corporations ✖ ✔
N-312 Capital Goods Excise Tax Credit ✔ ✔
N-325 Historic Preservation Income Tax Credit ✖ ✔
N-330 Credit for School Repair and Maintenance ✖ ✔
N-338 Recapture of Tax Credit for Flood Victims ✖ ✔
N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit ✖ ✔
N-342 Renewable Energy Technologies Income Tax Credit ✔ ✔
N-342A Information Statement Concerning Renewable Energy Technologies Income Tax Credit ✔ ✔
N-344 Important Agricultural Land Qualified Agricultural Cost Tax Credit ✖ ✔
N-346 Tax Credit for Research Activities ✖ 04/12
N-348 Capital Infrastructure Tax Credit ✖ ✔
N-35 S Corporation Income Tax Return ✔ ✔
N-360 Renewable Fuels Production Tax Credit ✖ ✔
N-362 Pass-Through Entity Tax Credit ✔ ✔
N-362E Pass-Through Entity Tax Election ✔ ✔
N-4 Statement of Withholding for a Nonresident Shareholder of an S Corporation ✖ ✔
N-586 Tax Credit for Low-Income Housing ✖ ✔
N-756 Enterprise Zone Tax Credit ✖ ✔
N-848 Power of Attorney ✖ ✔
N-884 Credit for Employment of Vocational Rehabilitation Referrals ✖ ✔
Schedule AMD Explanation of Changes on Amended Return ✔ ✔
Schedule D (N-35) Capital Gains and Losses and Built-in Gains ✖ ✔
Schedule D-1 Sales of Business Property ✖ ✔
Schedule K-1 (N-35) Shareholder’s Share of Income, Credits, Deductions, etc. ✖ ✔
Schedule PTE Pass-Through Entity Tax Calculation ✖ ✔
Schedule PTE-U Upper-Tier Pass-Through Entity Tax Credit Allocation ✔ ✔

Tax Law Changes

  • Hawaii conforms the income tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2023, and applies to taxable years beginning after December 31, 2023.

  • For the 2024 taxable year beginning after December 31, 2023, the individual income tax standard deduction amounts were increased for the following filing statuses: Single or Married Filing Separate to $4,400, Head of Household to $6,424, and Married Filing Jointly or Qualified Surviving Spouse to $8,800.

  • Taxpayers may exclude up to $8,082 of their military reserve or Hawaii National Guard duty pay from their income, effective for taxable years beginning after December 31, 2023.

  • The Pass-Through Entity (PTE) tax credit has been amended for taxable years beginning after December 31, 2023 by (1) adding a definition for “qualified member;” (2) repealing the definition for “direct member” and “indirect member;” (3) amending the PTE level tax rate to 9%; and (4) amending the credit by allowing certain qualified members to use the credit against their net income tax liability in subsequent years until exhausted.