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

SB 1398, HB 1100

SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code

BILL NUMBER:  SB 1398, HB 1100 [TAX-01]

INTRODUCED BY: SB by KOUCHI, HB by SAIKI (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, 2022. Continue reading SB 1398, HB 1100

SB 3143, HB 2175

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.

Continue reading SB 3143, HB 2175

SB 3143, HB 2175

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.

Continue reading SB 3143, HB 2175

HB 58, Proposed SD1

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.

Continue reading HB 58, Proposed SD1

HB 445; SB 1300

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.

Continue reading HB 445; SB 1300