Hawaii restarts estate tax
HONOLULU — Hawaii is reinstating taxes that must be paid on estates worth more than $3.5 million.
Hawaii lawmakers overrode Gov. Linda Lingle's veto of the measure Thursday, restarting its state-level estate tax for the first time since 2005.
The estate tax, called the death tax by its opponents, is not currently levied at the federal level. It's scheduled to start up again in 2011.
This state-level estate tax would raise an estimated $8 million next year to help balance the government's budget.
The bill is HB2866.