HI SB2925

Amends Hawaii Revised Statutes Section 235-101(b) to clarify that only timely amended federal income tax returns filed with and accepted by the United States trigger the 90-day reporting requirement to Hawaii's Department of Taxation.

Specifies that an untimely filed amended federal income tax return does not reopen Hawaii's statute of limitations for claiming a tax refund or assessing a deficiency.

Requires taxpayers to report changes in federal taxable income, tax attributes (such as basis), or tax to the Hawaii Department of Taxation within 90 days, with the amended return accompanied by relevant documentation from the Internal Revenue Service.

Establishes that Hawaii's assessment and refund period shall not expire before one year from the date the Department of Taxation is notified by the taxpayer or the Internal Revenue Service, whichever is earlier.

Effective July 1, 2030, and applies to taxable years beginning after December 31, 2015.