A new law will remove federal income tax on most Social Security benefits for seniors, significantly benefiting around 300,000 retirees in Hawaii. This policy increases the percentage of Social Security recipients who pay no federal income tax from 64% to 88%, impacting 51.4 million seniors nationwide. The law introduces a $6,000 deduction for individuals and a $12,000 deduction for couples, potentially eliminating their federal tax burden. Additionally, the bill will provide 800 new housing units in Opportunity Zones across Hawaii for underserved communities.
The new legislation removes federal income tax from most Social Security benefits and introduces a $6,000 senior tax deduction for individuals and $12,000 for couples.
The tax change will increase the share of Social Security recipients who pay no federal income tax from 64% to 88%, helping 51.4 million seniors nationwide.
For Hawaii, an estimated 300,000 retirees will benefit from the tax exemption on Social Security, with projected increases in real-wage and take-home pay.
The legislation also allocates new Opportunity Zone housing units, aiming to provide more housing options for underserved communities in Hawaii.
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