HI SB1006

Amends Hawaii Revised Statutes Section 236E-8(a) to clarify treatment of single member limited liability companies (LLCs) that have not elected corporate tax status for estate tax purposes.

Requires that single member LLCs be disregarded for estate tax purposes, with the sole member treated as the direct owner of the LLC's property.

Applies to decedents whose estates are required to file federal estate tax returns and who were either Hawaii residents or nonresidents with Hawaii real property or tangible personal property.

Effective upon approval and applies to decedents dying or taxable transfers occurring after December 31, 2016.