Category Archives: Estate & Generation Skipping Transfer ( HRS 236E)

SB 2602

SUBJECT: ESTATE, Index Applicable Exclusion Amounts for Inflation

BILL NUMBER:  SB 2602

INTRODUCED BY: RIVIERE, S. Chang, Fevella, Shimabukuro

EXECUTIVE SUMMARY: Requires Hawaii’s estate tax applicable exclusion amount to be calculated by utilizing the federal Internal Revenue Service inflation adjustment mechanism. Applies only to decedents dying after December 31, 2019.

Continue reading SB 2602

SB 2920; HB 2364

SUBJECT:  INCOME, ESTATE, Conformity to the Internal Revenue Code

BILL NUMBER:  SB 2920; HB 2364

INTRODUCED BY: SB by KOUCHI by request; HB by SAIKI by request

EXECUTIVE SUMMARY:   Conforms Hawaii income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2019.  Removes the State’s decoupling to IRC 512(a)(7), which has been repealed retroactively.

Continue reading SB 2920; HB 2364

SB 1267; HB 1041 (Identical)

SUBJECT:  INCOME, ESTATE, Conformity to Internal Revenue Code

BILL NUMBER:  SB 1267; HB 1041 (Identical)

INTRODUCED BY:  SB by KOUCHI by request; HB by SAIKI by request

EXECUTIVE SUMMARY:  Conforms the Hawaii income tax and estate and generation-skipping transfer taxes to federal changes adopted through December 31, 2018.

Continue reading SB 1267; HB 1041 (Identical)

SB 2821, CD-1

SUBJECT:  INCOME, ESTATE, Conformity to Internal Revenue Code

BILL NUMBER:  SB 2821, CD-1

INTRODUCED BY:  Conference Committee

EXECUTIVE SUMMARY:  Conforms the Hawaii income tax and estate and generation-skipping transfer taxes to federal changes adopted through February 9, 2018.  Decouples from the federal Tax Cuts and Jobs Act in several key areas.

Continue reading SB 2821, CD-1

HB 207, Proposed SD-1

SUBJECT:  CONVEYANCE, ESTATE, Tax Hikes

BILL NUMBER:  HB 207, Proposed SD-1

INTRODUCED BY:  Senate Committee on Ways and Means

EXECUTIVE SUMMARY:  Increases estate taxes for Hawaii net taxable estates valued at over $10,000,000.  Raises the conveyance tax rates for residential investment properties with a value of at least $2,000,000.

Continue reading HB 207, Proposed SD-1

SB 2821, SD-1

SUBJECT:  INCOME, ESTATE, Conformity to Internal Revenue Code

BILL NUMBER:  SB 2821, SD-1

INTRODUCED BY:  Senate Committee on Ways and Means

EXECUTIVE SUMMARY:  Conforms the Hawaii income tax and estate and generation-skipping transfer taxes to federal changes adopted through December 31, 2017.  Decouples from the federal Tax Cuts and Jobs Act in several key areas.

Continue reading SB 2821, SD-1

HB 2394, Proposed HD-1

SUBJECT:  INCOME, ESTATE, Conformity to Internal Revenue Code

BILL NUMBER:  HB 2394, Proposed HD-1

INTRODUCED BY:  House Committee on Finance

EXECUTIVE SUMMARY:  Conforms the Hawaii income tax and estate and generation-skipping transfer taxes to federal changes adopted through December 31, 2017.  Decouples from the federal Tax Cuts and Jobs Act in several key areas.

Continue reading HB 2394, Proposed HD-1