HI SB3143

Updates Hawaii income tax conformity to the Internal Revenue Code as amended through December 31, 2021 (previously December 31, 2020), effective for taxable years beginning after December 31, 2021.

Makes operative specific provisions of Public Law 117-2 including tax treatment of targeted EIDL advances (section 9672) and restaurant revitalization grants (section 9673), while excluding 2021 recovery rebates from gross income.

Makes operative specific provisions of Public Law 116-136 (CARES Act) including PPP loan forgiveness exclusions, retirement plan loans, and charitable contributions, with section 2202(a) on tax-favored withdrawals applying retroactively to taxable years beginning after December 31, 2019.

Updates Hawaii estate and generation-skipping transfer tax conformity to subtitle B of the Internal Revenue Code as amended through December 31, 2021 (previously December 31, 2020), effective for decedents dying or transfers occurring after December 31, 2021.

Continues to apply prior law for determining property basis and taxable income for taxable years to which prior law applies.