Aligns Hawaii income and estate tax laws with the Internal Revenue Code.

This bill aims to conform Hawaii's income and estate tax laws to the Internal Revenue Code. It specifies that certain provisions of the Internal Revenue Code will apply to Hawaii's determination of gross income, adjusted gross income, ordinary income and loss, and taxable income. It also details which federal public laws will be operative for these purposes. The changes will take effect for taxable years beginning after December 31, 2024, and for decedents dying or transfers occurring after that date.

Aligns Hawaii income and estate tax laws with the Internal Revenue Code.

This bill aims to conform Hawaii's income and estate tax laws to the Internal Revenue Code. It specifies that certain provisions of the Internal Revenue Code will apply to Hawaii's determination of gross income, adjusted gross income, ordinary income and loss, and taxable income. It also details which federal public laws will be operative for these purposes. The changes will take effect for taxable years beginning after December 31, 2024, and for decedents dying or transfers occurring after that date.