(a) It is the intent of this chapter, in addition to the essential purpose of raising revenue, to conform the estate and generation-skipping transfer tax law of the State as closely as possible to the Internal Revenue Code, in order to simplify the filing of returns and minimize the taxpayers’ burdens in complying with the estate and generation-skipping transfer tax law. The rules and regulations, forms, and procedures adopted and established under this chapter shall conform as nearly as possible, unless there is good reason to the contrary, to the rules and regulations, forms, and procedures adopted and established under the Internal Revenue Code.
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Terms Used In Hawaii Revised Statutes 236E-5

  • Generation-skipping transfer: means a generation-skipping transfer as defined and used in section 2611 of the Internal Revenue Code. See Hawaii Revised Statutes 236E-2
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Internal Revenue Code: means subtitle B of the federal Internal Revenue Code of 1986, as amended as of December 31, 2022, as it applies to the determination of gross estate, adjusted gross estate, federal taxable estate, and generation-skipping transfers, except those provisions of the Internal Revenue Code and federal public laws that, pursuant to this chapter, do not apply or are otherwise limited in application. See Hawaii Revised Statutes 236E-3
  • State: means any state or territory of the United States and the District of Columbia. See Hawaii Revised Statutes 236E-2
  • Statute: A law passed by a legislature.
(b) The Internal Revenue Code, so far as made operative by this chapter, is a statute adopted and incorporated by reference. The Internal Revenue Code shall be applied using changes in nomenclature and other language, including the omission of inapplicable language, where necessary to effectuate the intent of this section. References to the following terms in the Internal Revenue Code shall have the following meanings:

“Interest at the underpayment rate” or “interest at the overpayment rate” means the interest rate set forth in section 231-39(b)(4) or section 231-23(d)(1), as the case may be.

“Secretary or his delegate” means the director of taxation or the director’s duly authorized subordinates.

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