Hawaii HB2407 introduces a net investment income tax on individuals, estates, and trusts.

Hawaii HB2407 amends Chapter 235 of the Hawaii Revised Statutes to impose a net investment income tax. This tax applies to individuals, estates, and trusts, calculated as a percentage of the lesser of net investment income or federal modified adjusted gross income minus a threshold amount. The tax is allocated based on the portion of net investment income attributed to Hawaii. The bill defines "net investment income" and "federal modified adjusted gross income" in alignment with the Internal Revenue Code. The tax takes effect upon approval of the Act.

Hawaii HB2407 introduces a net investment income tax on individuals, estates, and trusts.

Hawaii HB2407 amends Chapter 235 of the Hawaii Revised Statutes to impose a net investment income tax. This tax applies to individuals, estates, and trusts, calculated as a percentage of the lesser of net investment income or federal modified adjusted gross income minus a threshold amount. The tax is allocated based on the portion of net investment income attributed to Hawaii. The bill defines "net investment income" and "federal modified adjusted gross income" in alignment with the Internal Revenue Code. The tax takes effect upon approval of the Act.