Hawaii HB2149 establishes a task force to review and recommend updates to corporate tax laws to close loopholes and ensure fair taxation.

Hawaii HB2149 creates a tax law task force within the Department of Taxation to annually review corporate tax laws and recommend updates to close loopholes. The task force will determine which corporate income, regardless of physical presence in the state, can be taxed and review federal tax laws to align state laws. Corporations will be required to report income from foreign subsidiaries and all profits, losses, revenues, and inter-company transactions made and all taxes paid in other states.

Hawaii HB2149 establishes a task force to review and recommend updates to corporate tax laws to close loopholes and ensure fair taxation.

Hawaii HB2149 creates a tax law task force within the Department of Taxation to annually review corporate tax laws and recommend updates to close loopholes. The task force will determine which corporate income, regardless of physical presence in the state, can be taxed and review federal tax laws to align state laws. Corporations will be required to report income from foreign subsidiaries and all profits, losses, revenues, and inter-company transactions made and all taxes paid in other states.