SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code
BILL NUMBER: SB 1464 CD 1
INTRODUCED BY: Conference Committee
EXECUTIVE SUMMARY: Conforms Hawaiʻi income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2024. Continue reading SB 1464 CD 1
SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code
BILL NUMBER: HB 1145 HD 1
INTRODUCED BY: House Committee on Finance
EXECUTIVE SUMMARY: Conforms Hawaiʻi income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2024. Continue reading HB 1145 HD 1
SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code
BILL NUMBER: SB 1464
INTRODUCED BY: Senate Committee on Ways and Means
EXECUTIVE SUMMARY: Conforms Hawaiʻi income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2024. Continue reading SB 1464
SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code
BILL NUMBER: SB 1464, HB 1145
INTRODUCED BY: SB by KOUCHI by request; HB by NAKAMURA by request (Governor’s Package)
EXECUTIVE SUMMARY: Conforms Hawaiʻi income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2024. Continue reading SB 1464, HB 1145
SUBJECT: ESTATE TAX; Amend exemptions when decedent is nonresident, change exclusion amount
BILL NUMBER: SB 721
INTRODUCED BY: RHOADS
EXECUTIVE SUMMARY: Amends the exclusion amount of Hawaiʻi’s estate tax. Repeals exemption for tax imposed on transfer of taxable estate located in Hawaiʻi for nonresidents and nonresidents who are not citizens. Applicable to decedents dying or taxable transfers occurring after 12/31/2024. Continue reading SB 721
SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code
BILL NUMBER: HB 2484 HD1 SD1 CD1
INTRODUCED BY: Conference Committee
EXECUTIVE SUMMARY: Conforms Hawaiʻi income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2023. Continue reading HB 2484 HD 1 SD 1 CD 1
SUBJECT: ESTATE TAX; Allow Marital Deduction for Transfers Between Immediate Family Members
BILL NUMBER: SB 3289 SD 1
INTRODUCED BY: Senate Committee on Ways and Means
EXECUTIVE SUMMARY: Amends the definition of Hawaiʻi taxable estate to provide that the marital deduction under section 2056 of the Internal Revenue Code shall apply to the passage of any interest in property to any immediate family member. Amends the state generation-skipping transfer tax law to provide that a transfer to any immediate family member shall not be considered a distribution to a skip person, as defined in section 2613 of the Internal Revenue Code. Continue reading SB 3289 SD 1
SUBJECT: INCOME, ESTATE, GENERAL EXCISE, Tax Enforcement; Audits; Time to Respond; Failure to Respond; Appeals
BILL NUMBER: SB 3176 SD 1 HD 1
INTRODUCED BY: House Committee on Judiciary & Hawaiian Affairs
EXECUTIVE SUMMARY: Provides deadlines for taxpayers under audit to comply with demands to produce documents and evidence. Requires the tax appeal court to preclude documents or information not produced pursuant to a demand from being introduced in evidence in a tax appeal or action under section 40-35 unless the failure was due to reasonable cause and not neglect or refusal. Continue reading SB 3176 SD 1 HD 1
SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code
BILL NUMBER: HB 2484 HD 1
INTRODUCED BY: House Committee on Finance
EXECUTIVE SUMMARY: Conforms Hawaiʻi income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2023. Continue reading HB 2484 HD 1
SUBJECT: ESTATE TAX; Exclusion Amount; Deduction; Family Businesses
BILL NUMBER: HB 2653 HD 1
INTRODUCED BY: House Committee on Finance
EXECUTIVE SUMMARY: Conforms Hawaiʻi estate tax laws to the operative provisions of the Internal Revenue Code to decrease the burden on taxpayers and increase efficiencies in the Department of Taxation’s monitoring and auditing of estate tax returns. Establishes an estate tax deduction for the value of closely held business interests that will help ensure that locally-owned family businesses can continue to contribute to the Hawaiʻi economy and assist families to retain the ownership interest in their family businesses. Continue reading HB 2653 HD 1