Hawaii HB476 modifies the capital gains tax rates for individuals, estates, and trusts.

Hawaii HB476 amends the state's tax code to adjust the capital gains tax rates for individuals, estates, and trusts. The bill introduces a new tax structure where the tax on net capital gains is calculated at a rate of 3.08% on the lesser of the net capital gain before April 1, 1987, or the total net capital gain for the year, plus an additional 5% on any excess. This change applies to taxable years beginning after December 31, 1986. The bill also repeals certain statutory materials and sets the effective date for July 1, 2025.

Hawaii HB476 modifies the capital gains tax rates for individuals, estates, and trusts.

Hawaii HB476 amends the state's tax code to adjust the capital gains tax rates for individuals, estates, and trusts. The bill introduces a new tax structure where the tax on net capital gains is calculated at a rate of 3.08% on the lesser of the net capital gain before April 1, 1987, or the total net capital gain for the year, plus an additional 5% on any excess. This change applies to taxable years beginning after December 31, 1986. The bill also repeals certain statutory materials and sets the effective date for July 1, 2025.