Hawaii SB349 proposes to tax capital gains at the same rate as ordinary income to increase revenue for government programs.
Hawaii SB349 seeks to amend the state's tax laws to tax capital gains at the same rate as ordinary income. The bill aims to increase revenue, which could be used for programs such as tax credits for working families, emergency preparedness, public education, affordable housing, and mental health services. The tax rates vary based on the taxable income brackets, ranging from 1.40% to 11.00%. The changes would apply to taxable years beginning after December 31, 2024.
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