HI SB3345 | 2024 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 24 2024 - 25% progression, died in committee
Action: 2024-02-16 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.
Pending: Senate Ways and Means Committee
Text: Latest bill text (Amended) [HTML]

Summary

Conforms Hawaii 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 Hawaii economy and assist families to retain the ownership interest in their family businesses. Takes effect 7/1/2040. (SD1)

Tracking Information

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Title

Relating To The Estate Tax.

Sponsors


Roll Calls

2024-02-14 - Senate - Senate Commerce and Consumer Protection: Passed, With Amendments (Y: 5 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2024-02-16SenateReport adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.
2024-02-16SenateReported from CPN (Stand. Com. Rep. No. 2661) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.
2024-02-14SenateThe 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.
2024-02-13SenateThe committee(s) on CPN deferred the measure until 02-14-24 10:00AM; Conference Room 229.
2024-02-07SenateThe committee(s) on CPN has scheduled a public hearing on 02-13-24 9:20AM; Conference Room 229 & Videoconference.
2024-01-29SenateReferred to CPN, WAM.
2024-01-26SenatePassed First Reading.
2024-01-24SenateIntroduced.

Same As/Similar To

HB2653 (Same As) 2024-04-16 - Received notice of Senate conferees (Sen. Com. No. 683).

Subjects


Hawaii State Sources


Bill Comments

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