HI SB721

Removes estate tax exemptions for nonresidents whose property would be exempt under the laws of their home state, requiring all nonresident estates with Hawaii property to pay Hawaii estate tax

Eliminates the same exemption for nonresident non-citizens, subjecting their Hawaii-located property to state estate tax regardless of their domicile state's laws

Amends the applicable exclusion amount for Hawaii's estate tax, replacing the current federal-linked calculation with a fixed dollar amount (specific amount left blank in bill)

Applies to decedents dying or taxable transfers occurring after December 31, 2024

Takes effect July 1, 2050