THE SENATE	S.B. NO.	1361
THIRTIETH LEGISLATURE, 2019		S.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO ESTATE 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 10.0% of the Hawaii net

taxable estate

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

not over $2,000,000 amount by which the Hawaii

net taxable estate

exceeds $1,000,000

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

not over $3,000,000 amount by which the Hawaii

net taxable estate

exceeds $2,000,000

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

not over $4,000,000 amount by which the Hawaii

net taxable estate

exceeds $3,000,000

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

not over $5,000,000 amount by which the Hawaii

net taxable estate

exceeds $4,000,000

Over $5,000,000 but $600,000 plus 15.7% of the

not over $10,000,000 amount by which the Hawaii

net taxable estate

exceeds $5,000,000[.]

Over $10,000,000 $1,385,000 plus 20% of the

amount by which the Hawaii

net taxable estate

exceeds $10,000,000."

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 Statutory material to be repealed is bracketed and stricken.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

SECTION 3. This Act shall take effect upon its approval and shall apply to decedents dying or taxable transfers occurring after December 31, 2019.

Report Title:

Estate and Generation-Skipping Transfer Tax

Description:

Increases estate taxes for Hawaii net taxable estates valued at over $10,000,000. (SD1)

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.