HI SB2921

Updates Hawaii's income tax conformity to the federal Internal Revenue Code as amended through December 31, 2015, replacing the previous reference date of December 31, 2014 in section 235-2.3(a).

Updates Hawaii's estate and generation-skipping transfer tax conformity to the federal Internal Revenue Code subtitle B as amended through December 31, 2015, replacing the previous reference date of December 31, 2014 in section 236E-3.

Changes the applicability date for estate and generation-skipping transfer taxes from January 25, 2012 to December 31, 2015.

Section 2 applies to taxable years beginning after December 31, 2015, while section 3 applies to decedents dying or taxable transfers occurring after December 31, 2015.

Takes effect upon approval.