HI SB3182

Imposes a 1% wealth asset tax on individual taxpayers holding $20,000,000 or more in assets in Hawaii, with married individuals required to file separate returns based on individual assets only.

Tax applies to diverse asset categories including real property, corporate stock, business interests, bonds, cash, offshore financial assets, pension funds, art, collectibles, and other holdings.

Married individuals filing separately may subtract wealth taxes paid to other states from their Hawaii tax liability to avoid double taxation.

Assets of claimed dependents exceeding $50,000 are attributed to the taxpayer claiming the dependent for purposes of calculating state net worth and tax liability.

Tax is reported and paid with state income taxes under chapter 235; Department of Taxation shall adopt rules for asset valuation, reporting requirements, and administration; effective July 30, 2075.