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

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.

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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.

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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.

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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.

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SB2821; HB2394

SUBJECT:  INCOME, ESTATE, Conformity to Internal Revenue Code

BILL NUMBER:  SB 2821; HB 2394 (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, 2017.  In view of the extensive changes wrought by the Tax Cuts and Jobs Act of 2017 and what will probably be substantial amendments requested by the Department of Taxation, we suggest treating the current bill the same as a short form bill and recommitting it for the purpose of taking input on a proposed committee draft.

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SB 1006, SD-1

SUBJECT:  ESTATE/GSTT, Look-Through of Single-Member LLCs

BILL NUMBER:  SB 1006, SD-1

INTRODUCED BY:  Senate Committee on Ways and Means

EXECUTIVE SUMMARY:  Now, the estate tax or generation-skipping transfer tax applies if the decedent is a Hawaii resident or has Hawaii real or personal property in the gross estate.  The bill would look through single member LLCs that are disregarded for income tax purposes.  That treatment is not justified, and treats other passthrough entities differently.

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SB 1006; HB 1140 (Identical)

SUBJECT:  ESTATE/GSTT, Look-Through of Single-Member LLCs

BILL NUMBER:  SB 1006; HB 1140 (Identical)

INTRODUCED BY:  SB by Kouchi by request; HB by Souki by request

EXECUTIVE SUMMARY:  Now, the estate tax or generation-skipping transfer tax applies if the decedent is a Hawaii resident or has Hawaii real or personal property in the gross estate.  The bill would look through single member LLCs that are disregarded for income tax purposes.  That treatment is not justified, and treats other passthru entities differently.

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SB 1002; HB 1136 (Identical)

SUBJECT:  INCOME, ESTATE, Conformity to Internal Revenue Code

BILL NUMBER:  SB 1002; HB 1136 (Identical)

INTRODUCED BY:  SB by Kouchi by request; HB by Souki by request

EXECUTIVE SUMMARY:  Conforms the Hawaii income tax and estate and generation-skipping transfer taxes to federal changes adopted through December 31, 2016.

Continue reading SB 1002; HB 1136 (Identical)