BILL NUMBER: SB 1002; SD-1
INTRODUCED BY: Senate Committee on Ways and Means
EXECUTIVE SUMMARY: Conforms the Hawaii income tax and estate and generation-skipping transfer taxes to federal changes adopted through December 31, 2016.
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.
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.
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.
BILL NUMBER: SB 2921, HD-1
INTRODUCED BY: House Committee on Finance
EXECUTIVE SUMMARY: Conforms the Hawaii income tax and estate and generation-skipping transfer taxes to federal changes adopted through December 31, 2015.
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, 2015. Continue reading SB 2921; HB 2392 (Identical)
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)
INTRODUCED BY: Senate Committee on Ways and Means
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. Continue reading SB 2887, SD-1
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)