Bill > HB1145

This bill updates Hawaii's tax laws to align with the federal Internal Revenue Code as of December 31, 2024, specifically modifying two key sections of state law. For income tax purposes, the bill updates the definition of "Internal Revenue Code" to reference the most recent version, and includes specific provisions related to various pandemic-era tax relief measures, such as treatment of targeted Economic Injury Disaster Loan (EIDL) advances, Paycheck Protection Program (PPP) loans, recovery rebates, and emergency financial aid grants. For estate and generation-skipping transfer taxes, the bill similarly updates the reference to the Internal Revenue Code to match the federal version as of December 31, 2024. The bill maintains existing rules for determining property basis and income calculations for prior tax years. The changes will take effect upon approval, with the specific tax provisions applying to taxable years and transfers beginning after December 31, 2024, ensuring that Hawaii's state tax regulations remain consistent with federal tax laws.

Budget and Finance

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1145&year=2025