HB1235

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

Hawaii HB1235 introduces a wealth asset tax on individuals with a state net worth exceeding $20 million. The tax is one percent of the net worth above this threshold, calculated based on individual assets. Assets include real property, stock in corporations, interests in partnerships, private equity, hedge funds, noncorporate businesses, bonds, savings accounts, cash, farm assets, mutual funds, options, futures contracts, art, offshore financial assets, pension funds, debts owed, and other assets. The tax is reported and paid with other state taxes.