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

SB2821; HB2394

Estate & Generation Skipping Transfer ( HRS 236E), Net Income (HRS 235)
SUBJECT:  INCOME, ESTATE, Conformity to Internal Revenue Code

BILL NUMBER:  SB 2821; HB 2394 (Identical)

INTRODUCED BY:  SB by KOUCHI by request; HB by SAIKI by request

EXECUTIVE SUMMARY:  Conforms the Hawaii income tax and estate and generation-skipping transfer taxes to federal changes adopted through December 31, 2017.  In view of the extensive changes wrought by the Tax Cuts and Jobs Act of 2017 and what will probably be substantial amendments requested by the Department of Taxation, we suggest treating the current bill the same as a short form bill and recommitting it for the purpose of taking input on a proposed committee draft.

Continue reading SB2821; HB2394 →

SB 1006, SD-1

Estate & Generation Skipping Transfer ( HRS 236E)
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)

Estate & Generation Skipping Transfer ( HRS 236E)
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)

Estate & Generation Skipping Transfer ( HRS 236E), Net Income (HRS 235)
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)

Estate & Generation Skipping Transfer ( HRS 236E)
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) →