THE SENATE S.B. NO. 1300 THIRTY-FIRST LEGISLATURE, 2021 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:
THE SENATE S.B. NO. 1300
THIRTY-FIRST LEGISLATURE, 2021
STATE OF HAWAII
THE SENATE
S.B. NO.
1300
THIRTY-FIRST LEGISLATURE, 2021
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,] $1,000,000, 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 Statutory material to be repealed is bracketed and stricken.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 upon its approval and shall apply to decedents dying or taxable transfers occurring after December 31, 2020. INTRODUCED BY: _____________________________
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,] $1,000,000, 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 upon its approval and shall apply to decedents dying or taxable transfers occurring after December 31, 2020.
INTRODUCED BY: _____________________________
INTRODUCED BY:
_____________________________
Report Title: Taxation; Estate Tax; Exclusion Description: Lowers the exclusion amount of Hawaii's estate tax to $1,000,000. Applicable to decedents dying or taxable transfers occurring after 12/31/2020. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
Report Title:
Taxation; Estate Tax; Exclusion
Description:
Lowers the exclusion amount of Hawaii's estate tax to $1,000,000. Applicable to decedents dying or taxable transfers occurring after 12/31/2020.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.