SB 313 Hawaii Senate · 2025 Regular Session

RELATING TO A WEALTH ASSET TAX.

Summary

Beginning January 1, 2030, establishes a wealth asset tax of one per cent of the state net worth of each individual taxpayer who holds $20,000,000 or more in assets in the State. Effective 4/23/2057. (SD1)

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 14, 2025 Last action Feb 12, 2025

Maddy AI version diff · 1 comparison

What changed between versions

SB313 → SB313_SD1 · 4 edits

MODERATE

The bill text was reformatted from a traditional legislative format to a structured document template format, but the substantive policy content remains largely unchanged. The most significant substantive change is the effective date, which was moved from April 2026 to April 2057, and the taxable year start date was shifted from January 1, 2026 to January 1, 2030. Section 2 was also modified to require proposed legislation to be submitted 40 days before the 2027 session rather than the 2026 session.

Scope change

The bill's scope and applicability remain the same - it imposes a 1% wealth asset tax on individuals with over $20 million in state assets, but the timeline for implementation has been significantly delayed.

TIMELINE

The effective date was changed from April 2026 to April 2057, and the tax applies to taxable years beginning after December 31, 2029 instead of 2025.

REQUIREMENT

Section 2 was updated to require the Department of Taxation to submit proposed legislation 40 days before the 2027 regular session instead of the 2026 session.

TECHNICAL

The document format changed from traditional legislative markup to a structured template format with metadata headers.

The bill number designation changed from 'S.B. NO. 313' to 'S.D. 1' in the header, indicating a different document type or revision.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 12, 2025

Committee

Reported from JDC (Stand. Com. Rep. No. 359) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

upper

Jan 30, 2025

Upper · Passed

The committee(s) on JDC recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in JDC were as follows: 5 Aye(s): Senator(s) Rhoads, Gabbard, Awa; Aye(s) with reservations: Senator(s) Chang, San Buenaventura ; 0 No(es): none; and 0 Excused: none.

upper

Jan 27, 2025

Upper · Passed

The committee(s) on JDC has scheduled a public hearing on 01-30-25 9:15AM; Conference Room 016 & Videoconference.

upper

Jan 21, 2025

Committee

Referred to JDC, WAM.

upper

Jan 15, 2025

Introduced

Introduced and passed First Reading.

upper

Jan 14, 2025

Introduced

Pending Introduction.

upper

1 primary · 0 co-sponsors