SB 313 Hawaii Senate · 2026 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 passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Feb 2025

Senate Passage

Feb 2025

House Passage

Governor

Introduced Jan 14, 2025 Last action Dec 8, 2025

Maddy AI version diff · 1 comparison

What changed between versions

SB313 → SB313_SD1 · 5 edits

MODERATE

The bill was converted from a House bill to a Senate District 1 amendment, updating metadata and shifting the effective date to April 23, 2057. The tax is now scheduled to apply to taxable years beginning after December 31, 2029, and includes a new requirement that the tax be paid once every three years. The description was updated to reflect these new start dates and the specific amendment identifier.

Scope change

The bill's applicability was delayed significantly, moving the effective date from late 2025 to April 2057, and the tax liability period was extended to a triennial payment schedule.

TIMELINE

The effective date of the wealth asset tax was changed from December 31, 2025, to April 23, 2057.

The tax now applies to taxable years beginning after December 31, 2029, instead of the previous 2025 date.

The deadline for the legislature to adopt allocation and apportionment methods was extended from the 2026 session to the 2027 session.

REQUIREMENT

A new provision requires the tax to be due once every three years rather than annually.

TECHNICAL

The bill header was updated from 'SB313' to 'SB313 SD1' and the template type changed from 'HB template' to 'SD Template'.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 12, 2025

Upper · Passed

Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.

upper

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