HI SB313

Establishes a wealth asset tax of 1% on state net worth exceeding $20,000,000 for individual taxpayers holding more than $20,000,000 in assets in Hawaii.

Requires married individuals to file separate returns based on individual assets only, not joint assets, with credit for wealth asset taxes paid to other states on the same assets.

Defines taxable assets to include real property, stocks, partnerships, hedge funds, bonds, cash, art, collectibles, offshore financial assets, pension funds, and debts owed to the taxpayer.

Tax is due every three years, filed and payable with state income tax returns under chapter 235; assets of dependents exceeding $50,000 are attributed to the taxpayer claiming the dependent.

Takes effect April 23, 2057, and applies to taxable years beginning after December 31, 2029; requires the Department of Taxation to submit proposed implementing legislation to the legislature no later than 40 days before the 2027 regular session.