Bill Text: HI HB2285 | 2010 | Regular Session | Introduced
Bill Title: Estate and Transfer Tax
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2010-02-12 - (H) The committee(s) recommends that the measure be deferred. [HB2285 Detail]
Download: Hawaii-2010-HB2285-Introduced.html
|
HOUSE OF REPRESENTATIVES |
H.B. NO. |
2285 |
|
TWENTY-FIFTH LEGISLATURE, 2010 |
|
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
relating to estate and transfer tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 236D-2, Hawaii Revised Statutes, is amended by adding a new definition to be appropriately inserted and to read as follows:
""Internal Revenue Code" means the federal Internal Revenue Code of 1986, as amended and renumbered, except for sections 2011 and 2604 of the Internal Revenue Code as they existed on December 31, 2000."
SECTION 2. Section 236D-2, Hawaii Revised Statutes, is amended by amending the definitions of "federal credit", "generation-skipping transfer", "gross estate", "personal representative", "section 2011", "taxable estate", and "transfer" to read:
""Federal credit" means:
(1) For a transfer, the maximum amount of the credit for state death taxes allowed by section 2011 for the decedent's adjusted taxable estate; and
(2) For a generation-skipping transfer, the maximum
amount of the credit for state taxes allowed by section 2604 of the [federal]
Internal Revenue Code [of 1986, as amended or renumbered.] as it
existed on December 31, 2000.
"Generation-skipping transfer" means
a generation-skipping transfer as defined and used in section 2611 of the [federal]
Internal Revenue Code [of 1986, as amended or renumbered].
"Gross estate" means gross estate as
defined and used in sections 2031 to [2045] 2046 of the [federal]
Internal Revenue Code [of 1986, as amended or renumbered].
"Personal representative" means the
personal representative of a decedent appointed under chapter 560, and includes
an executor (as defined under section 2203 of the [federal] Internal
Revenue Code [of 1986, as amended or renumbered]), administrator,
successor personal representative, special administrator, and persons who
perform substantially the same function under the law governing their status.
"Section 2011" means section 2011 of
the [federal] Internal Revenue Code [of 1986, as amended or
renumbered.] as it existed on December 31, 2000.
"Taxable estate" means taxable estate
as defined in sections 2051 to 2056 of the [federal] Internal Revenue
Code [of 1986, as amended or renumbered.] and section 2058 of the
Internal Revenue Code, with respect to estates of decedents dying and
generation-skipping transfers, after December 31, 2004.
"Transfer" means transfer as defined
and used in section 2001 of the [federal] Internal Revenue Code [of
1986, as amended or renumbered]."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval; provided that this Act shall:
(1) Apply to property or interests that pass from any individual who dies after December 31, 2009, and to generation-skipping transfers after December 31, 2009; and
(2) Be repealed on December 31, 2010; provided that section 236D-2, Hawaii Revised Statutes, shall be reenacted in the form in which it read on the day before the effective date of this Act.
|
INTRODUCED BY: |
_____________________________ |
|
|
|
Report Title:
Estate and Transfer Tax
Description:
Retains the State's ability to "pick-up" the state death tax credit as it existed in the Internal Revenue Code before the enactment of the Economic Growth and Tax Relief Reconciliation Act of 2001.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
