SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code
BILL NUMBER: SB 3143
INTRODUCED BY: SB by KOUCHI by request (Governor’s Package)
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, 2021. Continue reading SB 3143
SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code
BILL NUMBER: SB 3143, HB 2175
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, 2021.
SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code
BILL NUMBER: SB 3143, HB 2175
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, 2021.
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.
SUBJECT: ESTATE, Lowers applicable exclusion amount to unspecified amount.
BILL NUMBER: HB 445, HD1
INTRODUCED BY: House Committee on Consumer Protection & Commerce
EXECUTIVE SUMMARY: Lowers the exclusion amount of Hawaii’s estate tax to $_____.
SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code
BILL NUMBER: HB 1041, HD1
INTRODUCED BY: House Committee on Economic Development
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.
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.
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.
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.
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.