Hawaii HB1235 proposes a wealth asset tax on individual taxpayers with net worth exceeding $20 million.

Hawaii HB1235 introduces a wealth asset tax on individual taxpayers with a net worth exceeding $20 million. The tax rate is one percent of the net worth in excess of $20 million. The Department of Taxation must submit proposed legislation on various tax aspects to the legislature within forty days. The tax applies to assets such as real property, stocks, bonds, and others, and it excludes joint assets. The tax is payable at the same time as other taxes. The bill also includes provisions for valuation, reporting, and rules for implementation.

Hawaii HB1235 proposes a wealth asset tax on individual taxpayers with net worth exceeding $20 million.

Hawaii HB1235 introduces a wealth asset tax on individual taxpayers with a net worth exceeding $20 million. The tax rate is one percent of the net worth in excess of $20 million. The Department of Taxation must submit proposed legislation on various tax aspects to the legislature within forty days. The tax applies to assets such as real property, stocks, bonds, and others, and it excludes joint assets. The tax is payable at the same time as other taxes. The bill also includes provisions for valuation, reporting, and rules for implementation.