Bill > SB313

This bill establishes a new wealth asset tax in Hawaii beginning January 1, 2030, targeting individuals with net worth exceeding $20 million. The tax will be levied at one percent of an individual's state net worth above the $20 million threshold, with assets including real property, stocks, business interests, financial instruments, art, collectibles, offshore assets, and other holdings. Married individuals must file separate returns, and the tax will be calculated based on individual assets only. Taxpayers can offset their state tax liability with wealth asset taxes paid to other states. The tax will be reported and paid every three years alongside regular income taxes, with the Department of Taxation responsible for developing specific rules for asset valuation, reporting requirements, and implementation. Assets belonging to dependents over $50,000 will be included in the taxpayer's net worth calculation. The Department of Taxation is required to submit proposed legislation with detailed implementation guidelines to the legislature before the 2027 regular session, and the bill is set to take effect on April 23, 2057, applying to taxable years beginning after December 31, 2029.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=313&year=2026