Eliminates estate tax exemptions for nonresidents whose property is exempt in their home state.
This bill amends Hawaii estate tax laws to eliminate exemptions for nonresidents whose property is exempt from taxation in their home state. It ensures that all property with a situs in Hawaii, regardless of the decedent's residency, is subject to the estate tax. The bill aims to prevent wealthy individuals from evading estate tax by exploiting exemptions in other states. The changes will apply to decedents dying or taxable transfers occurring after December 31, 2024.
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