RELATING TO THE ESTATE TAX.
Summary
Conforms Hawaiʻi estate tax laws to the operative provisions of the Internal Revenue Code to decrease the burden on taxpayers and increase efficiencies in the Department of Taxation's monitoring and auditing of estate tax returns. Establishes an estate tax deduction for the value of closely held business interests that will help ensure that locally-owned family businesses can continue to contribute to the Hawaiʻi economy and assist families to retain the ownership interest in their family businesses. Takes effect 7/1/2040. (SD1)
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 24, 2024
Last action Feb 16, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
8
Key actions
2
Committee
4
Feb 16, 2024
Committee
Reported from CPN (Stand. Com. Rep. No. 2661) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.
upper
Feb 14, 2024
Upper · Passed
The committee(s) on CPN recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in CPN were as follows: 5 Aye(s): Senator(s) Keohokalole, Fukunaga, McKelvey, Richards, Awa; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.
upper
Feb 7, 2024
Upper · Passed
The committee(s) on CPN has scheduled a public hearing on 02-13-24 9:20AM; Conference Room 229 & Videoconference.
upper
Jan 29, 2024
Committee
Referred to CPN, WAM.
upper
Jan 24, 2024
Introduced
Introduced.
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Ron Kouchi
DDemocratic
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