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Hawaii State Conformity to the
Federal CARES Act
By Tom Yamachika, President
Our Legislature adjourned on Friday, and has sent up to the Governor one bill relating to taxes.
If you were hoping for a new exemption from or credit against income, general excise, transient accommodations, or other taxes, it didn't pass. If you were shuddering in anticipation of tax increases, they didn't pass.
The one bill that did pass is SB 2920, the Department of Taxation's annual bill specifying how Hawaii income tax does, or does not, track changes in the federal tax code. It passed the Legislature on Friday. We anticipate that the Governor will sign it.
Provisions of interest include:
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