summary
Introduced
01/18/2024
01/18/2024
In Committee
03/07/2024
03/07/2024
Crossed Over
03/05/2024
03/05/2024
Passed
Dead
05/03/2024
05/03/2024
Introduced Session
2024 Regular Session
Bill Summary
Taxes capital gains income at the same rate as ordinary income. Effective 7/1/3000. (HD1)
AI Summary
This bill aims to strengthen tax fairness for working families by taxing capital gains income at the same rate as ordinary income, effective July 1, 3000, for taxable years beginning after December 31, 2023. The legislature finds that the current lower capital gains tax rate primarily benefits wealthy individuals, including non-residents who invest in real estate in Hawaii. The revenue generated from taxing capital gains at the same rate as ordinary income could be used to strengthen various government programs, such as tax credits for working families, emergency preparedness, public education, and affordable housing.
Committee Categories
Budget and Finance
Sponsors (6)
Terez Amato (D)*,
Sonny Ganaden (D)*,
Natalia Hussey-Burdick (D)*,
Jeanné Kapela (D)*,
Amy Perruso (D)*,
Mahina Poepoe (D)*,
Last Action
Referred to WAM. (on 03/07/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1660&year=2024 |
| BillText | https://www.capitol.hawaii.gov/sessions/session2024/bills/HB1660_HD1_.HTM |
| BillText | https://www.capitol.hawaii.gov/sessions/session2024/bills/HB1660_.HTM |
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