Hawaii

'Resident trust' means a trust of which the fiduciary is a resident of the State or the administration of which is carried on in the State.

Gains from the sale or exchange of capital assets shall be excluded to the extent that such gains are allocated to corpus and are not (A) paid, credited, or required to be distributed to any beneficiary during the taxable year, or (B) paid, permanently set aside, or to be used for the purposes specified in section 642(c).

(1) In general In the case of a qualified trust, any distribution in any taxable year beginning after the date of the enactment of this subsection shall be computed without regard to any undistributed net income. (2) Qualified trust For purposes of this subsection, the term 'qualified trust' means any trust other than- (A) a foreign trust (or, except as provided in regulations, a domestic trust which at any time was a foreign trust), or (B) a trust created before March 1, 1984, unless it is established that the trust would not be aggregated with other trusts under section 643(f) if such section applied to such trust.

For all taxable years beginning after December 31, 2024, as used in this chapter, except as provided in this section and sections 235-2.35, 235-2.4, and 235-2.45, "Internal Revenue Code" means subtitle A, chapter 1, of the federal Internal Revenue Code of 1986, as amended as of December 31, 2024, as it applies to the determination of gross income, adjusted gross income, ordinary income and loss, and taxable income.

Over $200,000 ................ $16,379 plus 11.00% over $200,000 ... Over $400,000 ................ $32,757 plus 11.00% over $400,000

Act 46 also amends the income tax brackets by increasing the income limits in each bracket, with amendments taking effect in tax years 2025, 2027, and 2029 ... Over $650,000 ... $51,932 plus 11% of excess over $650,000

Line 16. Multiply line 14 by 7.25% (.0725) and enter the result. Note: If your taxable income is $48,000 ($24,000 for Single, and Married Filing Separately; or $36,000 for Head of Household classifications) or under, do not use this worksheet.

the capital loss carryforward allowed by section 1212(a) shall be limited to five years; except for a qualified high technology business as defined in section 235-7.3, which shall be limited to fifteen years.

If you received interest from bonds issued by another State, or a county, city, or political subdivision of another State, this interest must be included in your Hawaii income.

If you received interest from bonds issued by another State, or a county, city, or political subdivision of another State, this interest must be included in your Hawaii income.

Subchapter Z (sections 1400Z-1 to 1400Z-2) (with respect to opportunity zones) shall be operative for purposes of this chapter; except that for purposes of this chapter, subchapter Z shall only apply to qualified opportunity zones, as defined in section 1400Z-1, that are designated as such by the chief executive officer of this State.

Section 1202 (with respect to partial exclusion for gain from certain small business stock) shall be operative for purposes of this chapter, except that section 1202(a)(3) and (4) shall not be operative

If you reported for federal purposes any interest received on federal obligations, including Treasury bills and notes and U.S. Savings Bonds, enter the amount of that interest on line a of the Hawaii Subtractions Worksheet. For more information about what kinds of obligations should be reported here, see Tax Information Release No. 84-1, "Taxability of Interest on U.S. Obligations."

Over $200,000 ................ $16,379 plus 11.00% over $200,000 ... Over $400,000 ................ $32,757 plus 11.00% over $400,000

Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax.

Any security issued under this chapter by a Federal home loan bank, including the stock thereof, shall be exempt from taxation, except taxes upon real estate, by any State, county, municipality, or local taxing authority.

The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).

In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

Over $10,000,000 $1,385,000 plus 20% of the amount by which the Hawaii net taxable estate exceeds $10,000,000.

the applicable exclusion amount equal to the exemption equivalent of the unified credit on the decedent's federal estate tax return as set forth for the decedent in chapter 11 of the Internal Revenue Code as amended as of December 21, 2017, as if the decedent died on December 31, 2017

Over $200,000 ................ $16,379 plus 11.00% over $200,000 ... Over $400,000 ................ $32,757 plus 11.00% over $400,000

This part applies to the disposition at death of the following property acquired by a married person: (1) All personal property, wherever situated: (A) Which was acquired as or became, and remained, community property under the laws of another jurisdiction.

the capital loss carryforward allowed by section 1212(a) shall be limited to five years; except for a qualified high technology business as defined in section 235-7.3, which shall be limited to fifteen years.