Establishes a wealth asset tax on individuals with net worth exceeding $20 million in Hawaii.

The bill introduces a wealth asset tax in Hawaii, applying to individuals with a net worth exceeding $20 million. The tax is one percent of the state net worth in excess of $20 million. Assets considered include real property, stocks, bonds, cash, farm assets, art, and others. The tax applies to individual taxpayers, not joint assets, and married individuals must file separate returns. The Department of Taxation will propose legislation on valuation methods, reporting, and other tax provisions. If any part of the Act is found invalid, it does not affect other provisions.

Establishes a wealth asset tax on individuals with net worth exceeding $20 million in Hawaii.

The bill introduces a wealth asset tax in Hawaii, applying to individuals with a net worth exceeding $20 million. The tax is one percent of the state net worth in excess of $20 million. Assets considered include real property, stocks, bonds, cash, farm assets, art, and others. The tax applies to individual taxpayers, not joint assets, and married individuals must file separate returns. The Department of Taxation will propose legislation on valuation methods, reporting, and other tax provisions. If any part of the Act is found invalid, it does not affect other provisions.