S.B. 1464 Summary

• Updates Hawaii income tax conformity to the federal Internal Revenue Code as amended through December 31, 2024 (previously conformed to December 31, 2023) for taxable years beginning after December 31, 2024.

• Makes operative specific federal tax provisions related to COVID-19 pandemic relief, including Paycheck Protection Program loan forgiveness, Economic Injury Disaster Loans, recovery rebates, charitable contributions, and retirement plan distributions.

• Updates Hawaii estate and generation-skipping transfer tax conformity to federal law as amended through December 31, 2024 for decedents dying or transfers occurring after December 31, 2024.

• Excludes from Hawaii gross income any amounts received as 2020 and 2021 federal recovery rebates to individuals under federal law.

• Takes effect upon approval, with income tax changes applying to taxable years beginning after December 31, 2024, and estate tax changes applying to decedents dying or transfers occurring after December 31, 2024.