Hawaii HB2148 amends estate and generation-skipping transfer taxes, adding an unrealized gains surcharge and modifying estate exemptions.

Hawaii HB2148 introduces changes to the estate and generation-skipping transfer tax. It mandates reporting the fair market value of transferred property within thirty days, exempting bona fide farms and small businesses staying in operation with a relative transferee. The bill imposes a three percent surcharge on property transfers exceeding $2,000,000 in unrealized gains. It also modifies estate tax exemptions, allowing deductions based on federal exclusion amounts or adjusted values for non-owner-occupied residences or farms.

Hawaii HB2148 amends estate and generation-skipping transfer taxes, adding an unrealized gains surcharge and modifying estate exemptions.

Hawaii HB2148 introduces changes to the estate and generation-skipping transfer tax. It mandates reporting the fair market value of transferred property within thirty days, exempting bona fide farms and small businesses staying in operation with a relative transferee. The bill imposes a three percent surcharge on property transfers exceeding $2,000,000 in unrealized gains. It also modifies estate tax exemptions, allowing deductions based on federal exclusion amounts or adjusted values for non-owner-occupied residences or farms.