THE SENATE	S.B. NO.	2187
TWENTY-SEVENTH LEGISLATURE, 2014
STATE OF HAWAII

A BILL FOR AN ACT

relating to taxes.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  Section 236E-8, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:

     "(b)  With respect to the estates of decedents dying after January 25, 2012, the tax based on the Hawaii net taxable estate shall be as provided in the following schedule:

    If the Hawaii net taxable estate is:  The tax shall be:

    [$1,000,000 or less 10% of the Hawaii net taxable estate]

    Over $1,000,000 but     $100,000 plus 11.0% of the amount by

      not over $2,000,000     which the Hawaii net taxable estate         exceeds $1,000,000

    Over $2,000,000 but     $210,000 plus 12% of the amount by

      not over $3,000,000     which the Hawaii net taxable estate         exceeds $2,000,000

    Over $3,000,000 but     $330,000 plus 13% of the amount by

      not over $4,000,000     which the Hawaii net taxable estate

                              exceeds $3,000,000

    Over $4,000,000 but     $460,000 plus 14% of the amount by

      not over $5,000,000     which the Hawaii net taxable estate

                              exceeds $4,000,000

    Over $5,000,000         $600,000 plus 15.7% of the amount by

                              which the Hawaii net taxable estate         exceeds $5,000,000."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.

     SECTION 3.  This Act shall take effect on July 1, 2014.

INTRODUCED BY:

_____________________________

Report Title:

Estate Tax; Repeal

Description:

Repeals the estate tax on estates that are valued at $1,000,000 or less.

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