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HI HB2623

Bill

Official Source

Status

Introduced

1/28/2026

Primary Sponsor

Ikaika Hussey

Click for details

Origin

House of Representatives

2026 Regular Session

AI Summary

  • Creates a new "wealth proceeds surcharge" on individuals, estates, and trusts (excluding corporations) based on investment income exceeding federal threshold amounts
  • Surcharge applies to the lesser of wealth proceeds or federal modified adjusted gross income minus the threshold amount, with the specific percentage rate left blank in the bill
  • "Wealth proceeds" defined as net investment income including interest, dividends, capital gains, and specifically captures gains from small business stock exclusions, opportunity zones, and certain trust arrangements
  • Part-year residents pay a prorated surcharge based on the ratio of Hawaii-allocable wealth proceeds to total wealth proceeds
  • Takes effect for taxable years beginning after December 31, 2026

Legislative Description

Relating To Taxation.

Income Tax

Last Action

Referred to FIN, referral sheet 6

2/2/2026

Committee Referrals

Finance2/2/2026

Full Bill Text

No bill text available