Hawaii SB314 mandates worldwide combined reporting of corporate income to prevent tax haven abuse.

Hawaii SB314 aims to address tax haven abuse by requiring corporations to report income from all foreign subsidiaries to the state. This bill mandates worldwide combined reporting, which is considered the gold standard for closing tax loopholes. It estimates that the state loses $38,000,000 annually due to outdated tax laws. The bill will take effect on January 1, 2026.

Hawaii SB314 mandates worldwide combined reporting of corporate income to prevent tax haven abuse.

Hawaii SB314 aims to address tax haven abuse by requiring corporations to report income from all foreign subsidiaries to the state. This bill mandates worldwide combined reporting, which is considered the gold standard for closing tax loopholes. It estimates that the state loses $38,000,000 annually due to outdated tax laws. The bill will take effect on January 1, 2026.