HI HB306

Replaces the federal credit-based method of computing Hawaii's estate and transfer tax with a new graduated rate structure starting at 9.6% for taxable estates over $3,560,000 and reaching 16% for estates over $10,100,000.

Revises generation-skipping transfer tax to impose a flat 2.25% tax on transfers exceeding an aggregate exclusion of $3,560,000 per decedent, instead of using the federal credit method.

Updates noncitizen estate tax with a new graduated rate table starting at 0.8% for taxable estates over $120,000 and reaching 16% for estates over $10,100,000.

Expands the definition of "eligible business activity" in the enterprise zone program to include production of electric power from renewable energy sources and ownership or operation of seawater air conditioning district cooling projects.

Effective date set for July 1, 2030.