Hawaii HB2623 introduces a wealth proceeds surcharge on non-corporate taxpayers, effective from taxable years beginning after December 31, 2026.

Hawaii HB2623 amends Chapter 235 of the Hawaii Revised Statutes to impose a wealth proceeds surcharge on non-corporate taxpayers. This surcharge applies to taxable years starting after December 31, 2026. The surcharge is calculated based on the lesser of the taxpayer's wealth proceeds or federal modified adjusted gross income, adjusted according to specific criteria. Wealth proceeds include various types of net gains and interests, subject to certain exclusions and inclusions. The Department of Taxation is authorized to adopt rules to implement this surcharge.

Hawaii HB2623 introduces a wealth proceeds surcharge on non-corporate taxpayers, effective from taxable years beginning after December 31, 2026.

Hawaii HB2623 amends Chapter 235 of the Hawaii Revised Statutes to impose a wealth proceeds surcharge on non-corporate taxpayers. This surcharge applies to taxable years starting after December 31, 2026. The surcharge is calculated based on the lesser of the taxpayer's wealth proceeds or federal modified adjusted gross income, adjusted according to specific criteria. Wealth proceeds include various types of net gains and interests, subject to certain exclusions and inclusions. The Department of Taxation is authorized to adopt rules to implement this surcharge.