HI SB2867

Updates Hawaii income tax law to conform to the Internal Revenue Code as amended through December 31, 2011 (previously conformed only through December 31, 2010)

Applies the updated Internal Revenue Code to determination of gross income, adjusted gross income, ordinary income and loss, and taxable income for all taxable years beginning after December 31, 2011

Makes operative three specific Internal Revenue Code sections: Section 6038D (foreign financial assets reporting), Section 6045B (basis reporting for securities), and Section 6050W (payment card transaction reporting)

Applies accuracy-related penalties under IRC Section 6662(j) and assessment limitations under IRC Section 6501(e)(1)(A)(ii) to persons required to report foreign financial assets information

Takes effect upon approval