HI SB1361

Amends Hawaii Revised Statutes Section 236E-8(b) to modify the estate tax rate schedule for decedents dying after January 25, 2012.

Adds a new tax bracket for Hawaii net taxable estates over $10,000,000, imposing a tax of $1,385,000 plus 20% of the amount exceeding $10,000,000.

Reduces the tax rate on estates between $5,000,000 and $10,000,000 from 15.7% to apply only up to $10,000,000, with the rate capped at that threshold.

Takes effect upon approval and applies to decedents dying or taxable transfers occurring after December 31, 2019.