SB313

Hawaii SB313 proposes a wealth asset tax on individual taxpayers with over $20 million in assets.

Hawaii SB313 introduces a wealth asset tax on individual taxpayers with more than $20 million in assets, at a rate of one percent on the net worth exceeding $20 million. The tax applies to various asset categories, including real property, stocks, bonds, and more. The Department of Taxation will specify reporting and valuation methods, and the tax will be payable alongside other taxes. The bill also mandates the department to submit proposed legislation on tax details to the legislature before the 2026 session. The act will apply to taxable years beginning after December 31, 2025.