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

SB 3289 SD 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

SB 3176 SD 1 HD 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

HB 2653 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

SB 3176 SD 1

SUBJECT: INCOME, ESTATE, GENERAL EXCISE, Tax Enforcement; Audits; Time to Respond; Failure to Respond; Appeals

BILL NUMBER: SB 3176 SD 1

INTRODUCED BY: Senate Committees on Ways and Means and Judiciary

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

SB 3345, HB 2653

SUBJECT: ESTATE TAX; Exclusion Amount; Deduction; Family Businesses

BILL NUMBER: SB 3345, HB 2653

INTRODUCED BY: SB by KOUCHI; HB by SAIKI, YAMASHITA

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 SB 3345, HB 2653

SB 3289, HB 2652

SUBJECT: ESTATE TAX; Allow Marital Deduction for Transfers Between Immediate Family Members

BILL NUMBER: SB 3289, HB 2652

INTRODUCED BY: SB by KOUCHI; HB by SAIKI, YAMASHITA

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. Continue reading SB 3289, HB 2652

HB 2487, SB 3176

SUBJECT: INCOME, ESTATE, GENERAL EXCISE, Tax Enforcement; Audits; Time to Respond; Failure to Respond; Appeals

BILL NUMBER: HB 2487, SB 3176

INTRODUCED BY: HB by SAIKI; SB by KOUCHI (Governor’s Package)

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 HB 2487, SB 3176