HI SB430

Amends Hawaii Revised Statutes Section 231-23 to change the interest rate the Department of Taxation pays on late tax refunds from one-third of one percent per month to the federal rate set by 26 U.S.C. section 6621(a)(1)

Changes interest calculation on overdue refunds from monthly to daily compounding

Applies to tax refunds not paid within 90 days of the return due date or filing date, including overpayments from original returns, amended returns, and director determinations

Takes effect July 1, 2050, applying to taxable years beginning after December 31, 2024