HI SB353

Adds new exclusion (paragraph 21) to Hawaii's unemployment insurance law allowing single-stockholder family-owned corporations to opt out of state unemployment insurance coverage.

Requires the private corporation to elect exclusion, with the election applying only to the sole shareholder and remaining irrevocable for five years.

Mandates that the family-owned corporation must provide proof to the department of labor that it has paid federal unemployment insurance taxes as required by federal law.

Makes the exclusion effective on the first day of the calendar quarter when the application and all required substantiating documents are filed with the department.

Renumbers existing exclusion paragraphs (21-24) to (22-25) to accommodate the new single-stockholder corporation provision.