Haw. Rev. Stat. § 236D-3.5
This is the official text of Haw. Rev. Stat. § 236D-3.5, part of Hawaii’s Rev. Stat — part of the compiled statutory law of Hawaii, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Generation-skipping transfers; tax imposed; credit for tax paid other state.
Official statutory text
(a) A tax in an amount equal to the federal credit is imposed on every generation-skipping transfer of:
(1) Property located in this State; and
(2) Property from a resident trust.
(b) If the generation-skipping transfer is subject in another state to a similar tax and qualifies for the federal credit, the amount of the tax due under this section shall be credited with the lesser of:
(1) The amount of the tax paid to the other state and credited against the federal tax; or
(2) An amount computed by multiplying the federal credit by a fraction, the numerator of which is the value of the property subject to the generation-skipping transfer tax paid to the other state, and the denominator of which is the value of all property subject to the federal generation-skipping transfer tax.
If paragraph (1) or (2) results in an amount less than the total federal credit allowed being paid to all states which may claim any part of the credit, then the interested states may agree to a fair and equitable apportionment of the credit without regard to the residence of the trust. [L 1994, c 142, §1]
(1) Property located in this State; and
(2) Property from a resident trust.
(b) If the generation-skipping transfer is subject in another state to a similar tax and qualifies for the federal credit, the amount of the tax due under this section shall be credited with the lesser of:
(1) The amount of the tax paid to the other state and credited against the federal tax; or
(2) An amount computed by multiplying the federal credit by a fraction, the numerator of which is the value of the property subject to the generation-skipping transfer tax paid to the other state, and the denominator of which is the value of all property subject to the federal generation-skipping transfer tax.
If paragraph (1) or (2) results in an amount less than the total federal credit allowed being paid to all states which may claim any part of the credit, then the interested states may agree to a fair and equitable apportionment of the credit without regard to the residence of the trust. [L 1994, c 142, §1]
Status: in_force · Read it on the official government site
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