HI HB1041

Updates Hawaii's income tax conformity to the federal Internal Revenue Code as amended through December 31, 2020, changing the reference date from March 27, 2020.

Makes operative specific provisions of the Consolidated Appropriations Act (Public Law 116-260) including paycheck protection program loans, emergency EIDL grants, charitable contribution modifications, and disaster tax relief.

Makes operative specific provisions of the CARES Act (Public Law 116-136) including loan forgiveness exclusions from gross income and retirement plan loans, while excluding recovery rebate amounts from gross income.

Updates Hawaii's estate and generation-skipping transfer tax conformity to federal law as amended through December 31, 2020.

Applies to taxable years beginning after December 31, 2020, and to decedents dying or transfers occurring after December 31, 2020.