Bill Text: HI HB445 | 2022 | Regular Session | Amended
Bill Title: Relating To Increasing The Estate Tax.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Engrossed - Dead) 2021-12-10 - Carried over to 2022 Regular Session. [HB445 Detail]
Download: Hawaii-2022-HB445-Amended.html
|
HOUSE OF REPRESENTATIVES |
H.B. NO. |
445 |
|
THIRTY-FIRST LEGISLATURE, 2021 |
H.D. 1 |
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
RELATING TO INCREASING THE ESTATE TAX.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 236E-6, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) An exclusion from a Hawaii taxable estate
shall be allowed to the estate of every decedent against the tax imposed by section
236E-8. For the purpose of this section,
the applicable exclusion amount is [equal to:
(1) The federal applicable exclusion amount;
(2) The exemption equivalent of the unified
credit reduced by the amount of taxable gifts made by the decedent that reduces
the amount of the federal applicable exclusion amount; or
(3) The exemption equivalent of the unified
credit on the decedent's federal estate tax return,
as set forth for the
decedent in chapter 11 of the Internal Revenue Code as amended as of December
21, 2017, as if the decedent died on December 31, 2017,]
$ , and as
further adjusted pursuant to subsection (b)."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on January 1, 2050, and shall apply to decedents dying or taxable transfers occurring after December 31, 2020.
Report Title:
Taxation; Estate Tax; Exclusion
Description:
Amends the exclusion amount of Hawaii's estate tax. Applicable to decedents dying or taxable transfers occurring after 12/31/2020. Effective 1/1/2050. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
