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A bill to increase the General Excise Tax from 4 percent to 4.5 percent (a 12.5 percent increase) is set for hearing on Wed., Feb 26 at 9 a.m., Senate Ways & Means Committee, Conference Room 211.
It’s SB 1626, SD 1. It would increase the GET to 4.5 percent (except for Realtors, who would get a special rate of only 2 percent), add a $100 income tax credit for Hawaii residents (supposedly to help offset the GET on food), and earmark $90 million for education.
This is potentially a ”’huge”’ tax increase — the GET accounts for almost half of all state tax revenue, and a 12.5 percent increase in the GET would affect virtually everyone.
”’Ron Heller can be reached via email at:”’ mailto:rheller@torkildson.com