HI HB1190

Establishes a new wealth asset tax chapter in Hawaii Revised Statutes imposing a 1% tax on state net worth exceeding $20,000,000 for individual taxpayers holding more than $20,000,000 in assets in the state.

Applies tax to individuals on separate returns basis (married individuals file separately); allows credit for wealth asset taxes paid to other states on the same assets.

Defines taxable assets to include real property, corporate stock, partnership interests, private equity/hedge fund interests, bonds, cash deposits, farm assets, mutual funds, options, futures, art, offshore financial assets, pension funds, debts owed to taxpayer, and other assets.

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

Tax returns and payments due at the same time as state income tax returns under chapter 235; department of taxation shall adopt rules for asset valuation, reporting forms, and implementation; applies to taxable years beginning after December 31, 2023.