Bill > SB1464

This bill updates Hawaii's tax laws to align with the federal Internal Revenue Code as of December 31, 2024, specifically affecting income tax and estate/generation-skipping transfer tax regulations. The bill makes technical amendments to two sections of Hawaii's Revised Statutes that define how federal tax code changes will be incorporated into state law. For income taxes, the bill updates the reference date for the Internal Revenue Code and maintains specific provisions from recent federal COVID-19 relief laws, such as excluding certain pandemic-related relief payments from gross income and providing tax treatment for specific grants and loan programs. For estate and generation-skipping transfer taxes, the bill similarly updates the reference date for the federal Internal Revenue Code. The changes will apply to taxable years beginning after December 31, 2024, and for estate taxes, will apply to decedents dying or transfers occurring after that date. The bill aims to ensure consistency between Hawaii's tax laws and federal tax regulations, providing clarity and continuity for taxpayers.

Budget and Finance

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=1464&year=2025