HI HB476

Amends Section 235-51 of Hawaii Revised Statutes to modify the capital gains tax rate for individuals, estates, and trusts by replacing the 7.25 percent rate with a blank amount to be determined.

Amends Section 235-71.5 to modify the alternative capital gains tax for corporations, replacing the 4 percent rate with a blank amount to be determined.

Applies to taxable years beginning after December 31, 2024.

Takes effect on July 1, 2050.