HB759

Hawaii HB759 mandates corporate tax reporting on foreign subsidiaries and establishes a task force to review corporate tax laws.

Hawaii HB759 requires corporations to report income from foreign subsidiaries and all profits, losses, revenues, and inter-company transactions made in other states. The bill also establishes a corporate tax law task force within the Department of Taxation to review and recommend updates to state corporate tax laws. The task force will focus on aligning state laws with federal laws and closing corporate tax loopholes. The revenues generated from the tax on apportioned business income will fund critical public services.