Bill Sponsor
Hawaii Senate Bill 2725
Session 2024
Relating To Pass-Through Entity Taxation.
Active
Active
Passed Senate on May 1, 2024
Sponsors
Democrat
Sharon Y. Moriwaki
Republican
Kurt Fevella
Democrat
Troy N. Hashimoto
Democrat
Angus L.K. McKelvey
First Action
Jan 19, 2024
Latest Action
May 3, 2024
Origin Chamber
Senate
Type
Bill
Bill Number
2725
State
Hawaii
Session
2024
Sponsorship by Party
Republican
Primary
Democrat
Primary
Democrat
Primary
Senate Votes (2)
House Votes (2)
Motion Text
The Conference committee recommends that the measure be PASSED, WITH AMENDMENTS.
Senate Roll Call Votes
Summary
For taxable years beginning after 12/31/2023, adds a definition for "qualified member" and repeals the definitions for "direct member" and "indirect member" as used in the State's passthrough entity taxation election law. Amends the passthrough entity level tax rate to be the sum of all qualified member's distributive shares and guaranteed payments of Hawaii taxable income, as calculated under chapter 235, HRS, multiplied by 9%. For pass-through entities electing to pay Hawaii income taxes at the entity level, allows certain qualified members entitled to a tax credit to use the credit against the member's net income tax liability in subsequent years until exhausted. (CD1)
Sources
Record Created
Jan 20, 2024 1:26:49 PM
Record Updated
May 26, 2024 11:58:14 AM