HI HB689

Reduces Hawaii's General Excise Tax (GET) rate from 4 percent to 3 percent, effective for taxable years beginning after December 31, 2023.

Applies the 1 percent tax reduction across multiple business categories including retail sales, contracting, theaters and amusements, sales representatives, and service businesses.

Maintains reduced rates for wholesale transactions (0.5 percent) and manufacturers, which remain unchanged at 0.5 percent.

Preserves special tax rates for insurance producers (0.15 percent) and sugar benefit payments (0.5 percent).

Takes effect upon approval and applies to all taxable years beginning after December 31, 2023.