Hawaii 2025 Regular Session

Hawaii Senate Bill SB1464 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	THE SENATE S.B. NO. 1464 THIRTY-THIRD LEGISLATURE, 2025 ~~H.D. 1~~ STATE OF HAWAII A BILL FOR AN ACT RELATING TO CONFORMITY TO THE INTERNAL REVENUE CODE. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
	1	+	THE SENATE S.B. NO. 1464 THIRTY-THIRD LEGISLATURE, 2025 STATE OF HAWAII A BILL FOR AN ACT RELATING TO CONFORMITY TO THE INTERNAL REVENUE CODE. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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3	3		THE SENATE S.B. NO. 1464
4		-	THIRTY-THIRD LEGISLATURE, 2025 ~~H.D. 1~~
	4	+	THIRTY-THIRD LEGISLATURE, 2025
5	5		STATE OF HAWAII
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7	7		THE SENATE
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9	9		S.B. NO.
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11	11		1464
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13	13		THIRTY-THIRD LEGISLATURE, 2025
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15		-	~~H.D. 1~~
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17	17		STATE OF HAWAII
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31	31		A BILL FOR AN ACT
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37	37		RELATING TO CONFORMITY TO THE INTERNAL REVENUE CODE.
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43	43		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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47		-	SECTION 1. The purpose of this Act is to conform Hawaii income and estate and generation-skipping transfer tax laws to the Internal Revenue Code. SECTION 2. Section 235-2.3, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows: "(a) For all taxable years beginning after December 31, [2023,] 2024, as used in this chapter, except as provided in this section and sections 235-2.35, 235-2.4, and 235-2.45, "Internal Revenue Code" means subtitle A, chapter 1, of the federal Internal Revenue Code of 1986, as amended as of December 31, [2023,] 2024, as it applies to the determination of gross income, adjusted gross income, ordinary income and loss, and taxable income, except those provisions of the Internal Revenue Code which, pursuant to this chapter, do not apply or are otherwise limited in application. Sections 9672(1) (relating to tax treatment of targeted EIDL advances) and 9673(1) (relating to tax treatment of restaurant revitalization grants) of Public Law 117-2 shall be operative for purposes of this chapter. No amount received under section 9601 (relating to 2021 recovery rebates to individuals) of Public Law 117-2 shall be included in gross income for purposes of this chapter. Sections 276(b)(1) (relating to subsequent paycheck protection program loans), 277 (relating to emergency financial aid grants), 278(b)(1) (relating to emergency EIDL grants and targeted EIDL advances), 278(c)(1) (relating to subsidy for certain loan payments), and 278(d)(1) (relating to grants for shuttered venue operators) of Division N of Public Law 116-260 shall be operative for purposes of this chapter. Sections 213 (relating to modification of limitations on charitable contributions) and 214 (relating to temporary special rules for health and dependent care flexible spending arrangements) of Division EE of Public Law 116-260 shall be operative for purposes of this chapter. Sections 301, 302, and 304 (relating to disaster tax relief) of Division EE of Public Law 116-260 shall be operative for purposes of this chapter. No amount received under section 272 (relating to additional 2020 recovery rebates for individuals) of Division N of Public Law 116-260 shall be included in gross income for purposes of this chapter. Sections 1106(i) (relating to exclusion of loan forgiveness from gross income), 2202(b) (relating to loans from retirement plans), and 2205 (relating to charitable contributions) of Public Law 116-136 shall be operative for purposes of this chapter. No amount received under section 2201 (relating to recovery rebates) of Public Law 116-136 shall be included in gross income for purposes of this chapter. Section 2202(a) (relating to tax-favored withdrawals from retirement plans) of Public Law 116-136 shall be operative for purposes of this chapter and shall apply to taxable years beginning after December 31, 2019. Prior law shall continue to be used to determine: (1) The basis of property, if a taxpayer first determined the basis of property in a taxable year to which prior law applies; and (2) Gross income, adjusted gross income, ordinary income and loss, and taxable income for a taxable year to which prior law applies." SECTION 3. Section 236E-3, Hawaii Revised Statutes, is amended to read as follows: "§236E-3 Conformance to the Internal Revenue Code; general application. For all decedents dying, or transfers occurring, after December 31, [2023,] 2024, as used in this chapter, "Internal Revenue Code" means subtitle B of the federal Internal Revenue Code of 1986, as amended as of December 31, [2023,] 2024, as it applies to the determination of gross estate, adjusted gross estate, federal taxable estate, and generation-skipping transfers, except those provisions of the Internal Revenue Code and federal public laws that, pursuant to this chapter, do not apply or are otherwise limited in application." SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 5. This Act shall take effect ~~on July 1, 3000~~; provided that: (1) Section 2 shall apply to taxable years beginning after December 31, 2024; and (2) Section 3 shall apply to decedents dying or taxable transfers occurring after December 31, 2024.
	47	+	SECTION 1. The purpose of this Act is to conform Hawaii income and estate and generation-skipping transfer tax laws to the Internal Revenue Code. SECTION 2. Section 235-2.3, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows: "(a) For all taxable years beginning after December 31, [2023,] 2024, as used in this chapter, except as provided in this section and sections 235-2.35, 235-2.4, and 235-2.45, "Internal Revenue Code" means subtitle A, chapter 1, of the federal Internal Revenue Code of 1986, as amended as of December 31, [2023,] 2024, as it applies to the determination of gross income, adjusted gross income, ordinary income and loss, and taxable income, except those provisions of the Internal Revenue Code which, pursuant to this chapter, do not apply or are otherwise limited in application. Sections 9672(1) (relating to tax treatment of targeted EIDL advances) and 9673(1) (relating to tax treatment of restaurant revitalization grants) of Public Law 117-2 shall be operative for purposes of this chapter. No amount received under section 9601 (relating to 2021 recovery rebates to individuals) of Public Law 117-2 shall be included in gross income for purposes of this chapter. Sections 276(b)(1) (relating to subsequent paycheck protection program loans), 277 (relating to emergency financial aid grants), 278(b)(1) (relating to emergency EIDL grants and targeted EIDL advances), 278(c)(1) (relating to subsidy for certain loan payments), and 278(d)(1) (relating to grants for shuttered venue operators) of Division N of Public Law 116-260 shall be operative for purposes of this chapter. Sections 213 (relating to modification of limitations on charitable contributions) and 214 (relating to temporary special rules for health and dependent care flexible spending arrangements) of Division EE of Public Law 116-260 shall be operative for purposes of this chapter. Sections 301, 302, and 304 (relating to disaster tax relief) of Division EE of Public Law 116-260 shall be operative for purposes of this chapter. No amount received under section 272 (relating to additional 2020 recovery rebates for individuals) of Division N of Public Law 116-260 shall be included in gross income for purposes of this chapter. Sections 1106(i) (relating to exclusion of loan forgiveness from gross income), 2202(b) (relating to loans from retirement plans), and 2205 (relating to charitable contributions) of Public Law 116-136 shall be operative for purposes of this chapter. No amount received under section 2201 (relating to recovery rebates) of Public Law 116-136 shall be included in gross income for purposes of this chapter. Section 2202(a) (relating to tax-favored withdrawals from retirement plans) of Public Law 116-136 shall be operative for purposes of this chapter and shall apply to taxable years beginning after December 31, 2019. Prior law shall continue to be used to determine: (1) The basis of property, if a taxpayer first determined the basis of property in a taxable year to which prior law applies; and (2) Gross income, adjusted gross income, ordinary income and loss, and taxable income for a taxable year to which prior law applies." SECTION 3. Section 236E-3, Hawaii Revised Statutes, is amended to read as follows: "§236E-3 Conformance to the Internal Revenue Code; general application. For all decedents dying, or transfers occurring, after December 31, [2023,] 2024, as used in this chapter, "Internal Revenue Code" means subtitle B of the federal Internal Revenue Code of 1986, as amended as of December 31, [2023,] 2024, as it applies to the determination of gross estate, adjusted gross estate, federal taxable estate, and generation-skipping transfers, except those provisions of the Internal Revenue Code and federal public laws that, pursuant to this chapter, do not apply or are otherwise limited in application." SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 5. This Act shall take effect upon its approval; provided that: (1) Section 2 shall apply to taxable years beginning after December 31, 2024; and (2) Section 3 shall apply to decedents dying or taxable transfers occurring after December 31, 2024. INTRODUCED BY: _____________________________ BY REQUEST
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49	49		SECTION 1. The purpose of this Act is to conform Hawaii income and estate and generation-skipping transfer tax laws to the Internal Revenue Code.
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51	51		SECTION 2. Section 235-2.3, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
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53	53		"(a) For all taxable years beginning after December 31, [2023,] 2024, as used in this chapter, except as provided in this section and sections 235-2.35, 235-2.4, and 235-2.45, "Internal Revenue Code" means subtitle A, chapter 1, of the federal Internal Revenue Code of 1986, as amended as of December 31, [2023,] 2024, as it applies to the determination of gross income, adjusted gross income, ordinary income and loss, and taxable income, except those provisions of the Internal Revenue Code which, pursuant to this chapter, do not apply or are otherwise limited in application.
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55	55		Sections 9672(1) (relating to tax treatment of targeted EIDL advances) and 9673(1) (relating to tax treatment of restaurant revitalization grants) of Public Law 117-2 shall be operative for purposes of this chapter. No amount received under section 9601 (relating to 2021 recovery rebates to individuals) of Public Law 117-2 shall be included in gross income for purposes of this chapter.
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57	57		Sections 276(b)(1) (relating to subsequent paycheck protection program loans), 277 (relating to emergency financial aid grants), 278(b)(1) (relating to emergency EIDL grants and targeted EIDL advances), 278(c)(1) (relating to subsidy for certain loan payments), and 278(d)(1) (relating to grants for shuttered venue operators) of Division N of Public Law 116-260 shall be operative for purposes of this chapter. Sections 213 (relating to modification of limitations on charitable contributions) and 214 (relating to temporary special rules for health and dependent care flexible spending arrangements) of Division EE of Public Law 116-260 shall be operative for purposes of this chapter. Sections 301, 302, and 304 (relating to disaster tax relief) of Division EE of Public Law 116-260 shall be operative for purposes of this chapter. No amount received under section 272 (relating to additional 2020 recovery rebates for individuals) of Division N of Public Law 116-260 shall be included in gross income for purposes of this chapter.
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59	59		Sections 1106(i) (relating to exclusion of loan forgiveness from gross income), 2202(b) (relating to loans from retirement plans), and 2205 (relating to charitable contributions) of Public Law 116-136 shall be operative for purposes of this chapter. No amount received under section 2201 (relating to recovery rebates) of Public Law 116-136 shall be included in gross income for purposes of this chapter.
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61	61		Section 2202(a) (relating to tax-favored withdrawals from retirement plans) of Public Law 116-136 shall be operative for purposes of this chapter and shall apply to taxable years beginning after December 31, 2019.
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63	63		Prior law shall continue to be used to determine:
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65	65		(1) The basis of property, if a taxpayer first determined the basis of property in a taxable year to which prior law applies; and
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67	67		(2) Gross income, adjusted gross income, ordinary income and loss, and taxable income for a taxable year to which prior law applies."
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69	69		SECTION 3. Section 236E-3, Hawaii Revised Statutes, is amended to read as follows:
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71	71		"§236E-3 Conformance to the Internal Revenue Code; general application. For all decedents dying, or transfers occurring, after December 31, [2023,] 2024, as used in this chapter, "Internal Revenue Code" means subtitle B of the federal Internal Revenue Code of 1986, as amended as of December 31, [2023,] 2024, as it applies to the determination of gross estate, adjusted gross estate, federal taxable estate, and generation-skipping transfers, except those provisions of the Internal Revenue Code and federal public laws that, pursuant to this chapter, do not apply or are otherwise limited in application."
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73	73		SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
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75		-	SECTION 5. This Act shall take effect ~~on July 1, 3000~~; provided that:
	75	+	SECTION 5. This Act shall take effect upon its approval; provided that:
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77	77		(1) Section 2 shall apply to taxable years beginning after December 31, 2024; and
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79	79		(2) Section 3 shall apply to decedents dying or taxable transfers occurring after December 31, 2024.
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81		-	Report Title: Conformity to the Internal Revenue Code for 2024; Income Tax; Estate and Generation-Skipping Transfer Tax Description: Conforms Hawaii income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2024. Effective 7/1/3000. (HD1) The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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	83	+	INTRODUCED BY: _____________________________
	84	+	BY REQUEST
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	86	+	INTRODUCED BY:
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	88	+	_____________________________
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	94	+	BY REQUEST
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	96	+	Report Title: Conformity to the Internal Revenue Code for 2024; Income Tax; Estate and Generation-Skipping Transfer Tax Description: Conforms Hawaii income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2024. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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85	104		Report Title:
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87	106		Conformity to the Internal Revenue Code for 2024; Income Tax; Estate and Generation-Skipping Transfer Tax
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91	110		Description:
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93		-	Conforms Hawaii income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2024. ~~Effective 7/1/3000. (HD1)~~
	112	+	Conforms Hawaii income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2024.
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101	120		The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.