HI SB721

Repeals exemptions from Hawaii's estate tax for nonresidents whose property would be exempt under the laws of their home state, effective for decedents dying after December 31, 2024.

Removes the exemption provision in Section 236D-4 that allowed nonresidents to avoid tax on property exempt in their domiciled state, while still subjecting real property, land trust interests, and tangible personal property located in Hawaii to tax.

Removes similar exemption language from Section 236D-4.5 for noncitizen nonresidents, making all property with situs in Hawaii subject to estate tax regardless of exemptions in the decedent's home state.

Amends Section 236E-6 to establish a fixed applicable exclusion amount for Hawaii's estate tax, replacing the previous formula tied to federal exemption amounts (specific dollar amount to be filled in).

Applies to decedents dying or taxable transfers occurring after December 31, 2024, with the Act taking effect on July 1, 2050.