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

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.

Continue reading SB 1006, SD-1

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.

Continue reading SB 1006; HB 1140 (Identical)

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)

SB 1134; HB 965 (Identical)

SUBJECT: ESTATE AND GENERATION-SKIPPING TRANSFER TAX, Clarify application

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

BRIEF SUMMARY: Amends HRS section 236E-3 to update the December 31, 2013 date to December 31, 2014 to conform HRS chapter 236E to the Internal Revenue Code (IRC) as it was amended on December 31, 2014. Continue reading SB 1134; HB 965 (Identical)

SB 2887; HB 2337 (Identical)

SUBJECT: ESTATE AND GENERATION-SKIPPING TRANSFER TAX, Clarify application

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

BRIEF SUMMARY: Amends HRS section 236E-3 to update the December 31, 2011 date to December 31, 2013 to conform HRS chapter 236E to the Internal Revenue Code (IRC) as it was amended on December 31, 2013.

Amends HRS section 236E-6 to provide that the applicable exclusion amount for Hawaii income tax purposes shall be the same as the federal applicable exclusion amount, or the exemption equivalent of the unified credit, reduced by the amount of taxable gifts made by the decedent that reduces the amount of the federal applicable exclusion amount or the exemption equivalent of the unified credit on the decedent’s tax return. Continue reading SB 2887; HB 2337 (Identical)