Income/Franchise:
Hawaii: New Law Updates State Conformity to Internal Revenue Code
H.B. 1041, signed by gov. 6/25/21. Effective immediately, new law updates statutory references to the Internal Revenue Code (IRC), providing that for taxable years beginning after December 31, 2020, references to the IRC in Hawaii income tax laws (including state corporate income tax laws) generally refer to the federal law in effect as amended as of December 31, 2020 (previously, March 27, 2020). The legislation also addresses the state treatment of some provisions under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act (i.e., P.L. 116-136) and Consolidated Appropriations Act, 2021 (i.e., P.L. 116-260). Note that Hawaii continues to decouple from some specified IRC sections. Please contact us with any questions.
30 Rockefeller Plaza New York, NY 10112-0015 United States
About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
