HI SB1398

Updates Hawaii's income tax, estate tax, and generation-skipping transfer tax conformity to the federal Internal Revenue Code as amended through December 31, 2022 (previously conformed only through December 31, 2021)

Makes operative several federal pandemic relief provisions including targeted EIDL advances, restaurant revitalization grants, paycheck protection program loans, and emergency financial aid grants

Excludes certain federal recovery rebates and relief payments from Hawaii gross income, including 2021 and 2020 recovery rebates to individuals

Modifies section 168 (accelerated cost recovery system) to remove the special allowance for qualified disaster assistance property

Makes section 1341 (computation of tax where taxpayer restores amounts held under claim of right) operative for Hawaii tax purposes, effective for taxable years beginning after December 31, 2021