HI SB2887

Updates Hawaii's conformance to the Internal Revenue Code from January 2, 2013 to December 31, 2013 for purposes of estate and generation-skipping transfer tax calculations.

Amends the definition of "applicable exclusion amount" to reduce it by the amount of taxable gifts made by the decedent that reduce the federal applicable exclusion amount.

Closes a loophole that previously allowed decedents to avoid estate and generation-skipping transfer taxes by gifting property prior to death, including gifts made shortly before death.

Applies to decedents dying or taxable transfers occurring after December 31, 2013.

Takes effect upon approval.