Requesting the Department of Taxation to analyze corporate income reporting structures, including foreign subsidiary income, to inform long-term.

The bill requests the Department of Taxation to conduct a comprehensive analysis of corporate income reporting practices, focusing on foreign subsidiary income. The analysis will estimate tax revenue from corporations with foreign subsidiaries, evaluate potential revenue impacts under different reporting models, assess interactions with Hawaii's apportionment methodology, and compare approaches taken by other states. The report will also consider administrative feasibility, compliance costs, and data limitations, and must be submitted to the Legislature before the 2027 Regular Session.

Requesting the Department of Taxation to analyze corporate income reporting structures, including foreign subsidiary income, to inform long-term.

The bill requests the Department of Taxation to conduct a comprehensive analysis of corporate income reporting practices, focusing on foreign subsidiary income. The analysis will estimate tax revenue from corporations with foreign subsidiaries, evaluate potential revenue impacts under different reporting models, assess interactions with Hawaii's apportionment methodology, and compare approaches taken by other states. The report will also consider administrative feasibility, compliance costs, and data limitations, and must be submitted to the Legislature before the 2027 Regular Session.