SB 2725

  • Hawaii Senate Bill
  • 2024 Regular Session
  • Introduced in Senate Apr 11, 2024
  • Passed Senate Mar 05, 2024
  • Passed House Apr 09, 2024
  • Governor

Relating To Pass-Through Entity Taxation.

Abstract

For taxable years beginning after 12/31/2023, adds a definition for "qualified member" and repeals the definitions for "direct member" and "indirect member" as used in the State's passthrough entity taxation election law. Amends the passthrough entity level tax rate to be the sum of all qualified member's distributive shares and guaranteed payments of Hawaii taxable income, as calculated under chapter 235, HRS, multiplied by 9%. For pass-through entities electing to pay Hawaii income taxes at the entity level, allows certain qualified members entitled to a tax credit to use the credit against the member's net income tax liability in subsequent years until exhausted. (CD1)

Bill Sponsors (5)

Votes


Actions


May 03, 2024

Senate

Received notice of passage on Final Reading in House (Hse. Com. No. 830).

May 02, 2024

Senate

Enrolled to Governor.

May 01, 2024

Senate

Passed Final Reading, as amended (CD 1). Ayes, 25; Aye(s) with reservations: none. Noes, 0 (none). Excused, 0 (none).

House

Received notice of Final Reading (Sen. Com. No. 798).

House

Passed Final Reading as amended in CD 1 with none voting aye with reservations; Representative(s) Cochran, Hussey-Burdick, Kapela, Perruso, Poepoe voting no (5) and none excused (0).

Apr 26, 2024

Senate

48 Hrs. Notice (as amended CD 1) 05-01-24.

House

Forty-eight (48) hours notice Wednesday, 05-01-24.

House

Reported from Conference Committee (Conf Com. Rep. No. 115-24) as amended in (CD 1).

Senate

Reported from Conference Committee as amended CD 1 (Conf. Com. Rep. No. 115-24).

Apr 25, 2024

Senate

The Conference committee recommends that the measure be PASSED, WITH AMENDMENTS. The votes of the Senate Conference Managers were as follows: 3 Aye(s): Senator(s) Moriwaki, Wakai, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.

House

The Conference Committee recommends that the measure be Passed, with Amendments. The votes were as follows: 4 Ayes: Representative(s) Kitagawa, Chun, Garrett, Alcos; Ayes with reservations: none; 0 Noes: none; and 0 Excused: none.

Apr 24, 2024

Senate

Conference committee meeting scheduled for 04-25-24 1:00PM; Conference Room 309.

Apr 18, 2024

Senate

Received notice of appointment of House conferees (Hse. Com. No. 759).

House

Received notice of Senate conferees (Sen. Com. No. 698).

Senate

Senate Conferees Appointed: Moriwaki Chair; Wakai, Fevella.

Apr 17, 2024

House

House Conferees Appointed: Kitagawa Chair; Chun, Garrett, Alcos.

Apr 11, 2024

Senate

Received from House (Hse. Com. No. 708).

House

Received notice of disagreement (Sen. Com. No. 673).

Senate

Senate disagrees with House amendments.

Apr 09, 2024

House

Passed Third Reading with Representative(s) Hussey-Burdick voting aye with reservations; Representative(s) Kapela, Perruso, Poepoe voting no (3) and none excused (0). Transmitted to Senate.

Apr 05, 2024

House

Passed Second Reading as amended in HD 1; placed on the calendar for Third Reading with Representative(s) Amato, Belatti, Hussey-Burdick voting aye with reservations; Representative(s) Ganaden, Kapela, Perruso, Poepoe voting no (4) and Representative(s) Gates, Souza excused (2).

House

Reported from FIN (Stand. Com. Rep. No. 1781-24) as amended in HD 1, recommending passage on Second Reading and placement on the calendar for Third Reading.

Apr 03, 2024

House

The committee on FIN recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 14 Ayes: Representative(s) Yamashita, Kitagawa, Aiu, Chun, Cochran, Garrett, Kahaloa, Kila, Kobayashi, Lamosao, Morikawa, Nishimoto, Poepoe, Takenouchi; Ayes with reservations: none; Noes: none; and 2 Excused: Representative(s) Alcos, Ward.

Apr 01, 2024

House

Bill scheduled to be heard by FIN on Wednesday, 04-03-24 2:15PM in House conference room 308 VIA VIDEOCONFERENCE.

Mar 07, 2024

House

Referred to FIN, referral sheet 16

  • Referral-Committee
Finance

House

Pass First Reading

Mar 05, 2024

House

Received from Senate (Sen. Com. No. 185).

Senate

Passed Third Reading. Ayes, 25; Aye(s) with reservations: none . Noes, 0 (none). Excused, 0 (none). Transmitted to House.

Mar 01, 2024

Senate

Reported from WAM (Stand. Com. Rep. No. 2845) with recommendation of passage on Second Reading and placement on the calendar for Third Reading.

Senate

One Day Notice 03-05-24.

Senate

Report adopted; Passed Second Reading.

Feb 28, 2024

Senate

The committee(s) on WAM recommend(s) that the measure be PASSED, UNAMENDED. The votes in WAM were as follows: 12 Aye(s): Senator(s) Dela Cruz, Moriwaki, Aquino, DeCoite, Hashimoto, Inouye, Kanuha, Kidani, Kim, Lee, Wakai, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Shimabukuro.

Feb 23, 2024

Senate

The committee(s) on WAM has scheduled a public hearing on 02-28-24 10:02AM; Conference Room 211 & Videoconference.

Jan 24, 2024

Senate

Referred to WAM.

  • Referral-Committee
Ways and Means

Jan 22, 2024

Senate

Passed First Reading.

Jan 19, 2024

Senate

Introduced.

Bill Text

Bill Text Versions Format
SB2725 PDF

Related Documents

Document Format
No related documents.

Sources

Data on Open States is updated periodically throughout the day from the official website of the Hawaii State Legislature.

If you notice any inconsistencies with these official sources, feel free to file an issue.