Hawaii HB759 mandates corporations to report income from foreign subsidiaries and establish a task force to review corporate tax laws.

Hawaii HB759 amends state tax laws to require corporations to report income from foreign subsidiaries and submit state-by-state tax reports. The bill also establishes a corporate tax law task force to review and recommend updates to corporate tax laws. This task force will ensure transparency in corporate tax reporting and recommend aligning state laws with federal changes. The new provisions aim to close tax loopholes and increase state revenue.

Hawaii HB759 mandates corporations to report income from foreign subsidiaries and establish a task force to review corporate tax laws.

Hawaii HB759 amends state tax laws to require corporations to report income from foreign subsidiaries and submit state-by-state tax reports. The bill also establishes a corporate tax law task force to review and recommend updates to corporate tax laws. This task force will ensure transparency in corporate tax reporting and recommend aligning state laws with federal changes. The new provisions aim to close tax loopholes and increase state revenue.