Hawaii Governor Indicators Legislation Conforming Earnings, Property, Era-Skipping Switch Tax to IRC

June 29, 2021, 5:00 AM

The Hawaii Governor June 25 signed a law conforming the state individual income, corporate income, trust income, estate, and generation-skipping transfer tax laws to the Internal Revenue Code (IRC). The law includes measures: 1) conforming the income and estate and generation-skipping transfer tax laws to the IRC, as amended as of Dec. 31, 2020; 2) providing that certain provisions in the IRC, as amended, including subsequent paycheck protection program loan, emergency financial aid grants, grants for shuttered venue operators, and disaster tax relief are operative for the purposes of state income tax law; 3) excluding an amount received for additional …

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