Informing the Legislature that on June 21, 2024, the Governor signed the following bill into law: HB2484 HD1 SD1 CD1 (ACT 075).

This bill, signed into law on June 21, 2024, updates Hawaii state income and estate tax laws to align with the federal Internal Revenue Code as it stood as of December 31, 2023. The primary mechanism involves amending specific state statutes to ensure that definitions of taxable income and estate values match current federal standards, while explicitly excluding certain federal recovery rebates and grants from state gross income calculations. Additionally, the legislation incorporates specific federal provisions related to pandemic relief, such as loan forgiveness and disaster tax relief, into the state tax code for applicable years. This conformity ensures that Hawaii's tax system remains consistent with federal rules for determining what constitutes taxable income and estate assets for residents and decedents.