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

HB 58, Proposed SD1

Conveyance (HRS 247), Estate & Generation Skipping Transfer ( HRS 236E), General Excise (HRS 237), Use (HRS 238)

SUBJECT:  ESTATE, GENERAL EXCISE, USE, CONVEYANCE, Omnibus Tax Increase and Suspension of Exemptions

BILL NUMBER:  HB 58, Proposed SD1

INTRODUCED BY:  Senate Committee on Ways and Means

EXECUTIVE SUMMARY:  Temporarily reallocates conveyance tax revenues for purposes of paying the principal and interest of general obligation bonds.  Authorizes the issuance of general obligation bonds to be appropriated into and out of the land conservation fund and rental housing revolving fund.  Amends the exclusion amount of Hawaii’s estate tax.  From 7/1/2021 through 6/30/2023, temporarily repeals certain general excise tax exemptions.  Increases conveyance taxes for the sale of properties valued at $4,000,000 or greater.

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HB 445; SB 1300

Estate & Generation Skipping Transfer ( HRS 236E)

SUBJECT:  ESTATE, Lowers applicable exclusion amount to $1 million.

BILL NUMBER:  HB 445; SB 1300

INTRODUCED BY:  HB by PERRUSO, ICHIYAMA, KAPELA, LOPRESTI, MARTEN, Tam; SB by ACASIO, CHANG, RHOADS, SAN BUENAVENTURA, Shimabukuro

EXECUTIVE SUMMARY:  Lowers the exclusion amount of Hawaii’s estate tax to $1,000,000. Applicable to decedents dying or taxable transfers occurring after 12/31/2020.

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SB 1195; HB 1041

Estate & Generation Skipping Transfer ( HRS 236E), Net Income (HRS 235)

SUBJECT:  INCOME, ESTATE, Conformity to Internal Revenue Code

BILL NUMBER:  SB 1195; HB 1041

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, 2020.

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SB 2602

Estate & Generation Skipping Transfer ( HRS 236E)

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.

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SB 2920; HB 2364

Estate & Generation Skipping Transfer ( HRS 236E), Net Income (HRS 235)

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.

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