Bill Text: HI SB1188 | 2013 | Regular Session | Amended

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Bill Title: Estate and Generation-Skipping Transfer Tax Reform Act

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2013-05-01 - Act 060, 4/30/2013 (Gov. Msg. No. 1160). [SB1188 Detail]

Download: Hawaii-2013-SB1188-Amended.html

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STAND. COM. REP. NO. 556

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1188

       S.D. 1

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 1188 entitled:

 

"A BILL FOR AN ACT RELATING TO THE ESTATE AND GENERATION-SKIPPING TRANSFER TAXES,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to make technical, nonsubstantive corrections to the Estate and Generation-Skipping Transfer Tax Reform Act to make clear that a decedent who was in a civil union or recognized equivalent under the laws of the State would have the amount of any transfer tax due to the State computed as if the civil union or recognized equivalent were recognized as a marriage under the Internal Revenue Code.

 

     Your Committee received testimony in support of this measure from the Department of Taxation.

 

     Your Committee received comments on this measure from the Tax Foundation of Hawaii.

 

     Your Committee finds that Act 220, Session Laws of Hawaii 2012, enacted the Estate and Generation-Skipping Transfer Tax Reform Act, designated as chapter 236E, Hawaii Revised Statutes, that established the estate and generation-skipping transfer taxes based on the valuations, deduction, and expenses allowed for federal transfer tax purposes, but with tax rates independent of the federal transfer taxes.  Your Committee also finds that this measure makes technical corrections to ensure that the provisions of the Estate and Generation-Skipping Transfer Tax Reform Act apply to decedents in a civil union or recognized equivalent as they apply to decedents of a marriage.

 

     Your Committee has amended this measure by:

 

     (1)  Clarifying that the measure makes amendments to chapter 236E, Hawaii Revised Statutes, rather than Act 220, Session Laws of Hawaii 2012;

 

     (2)  Making corrections to accurately reflect the text of sections 236E-6 and 236E-7, Hawaii Revised Statutes; and

 

     (3)  Making technical nonsubstantive amendments for the purposes of clarity and style.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1188, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1188, S.D. 1, and be placed on the calendar for Third Reading.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

		____________________________ DAVID Y. IGE, Chair