Letter: Estate tax proposal keeps businesses in local hands
I own a veterinary practice in Moiliili. I’m proud that my daughter, Rachael, chose to follow in my footsteps, working alongside me. I support House Bill 2653 because it will give local businesses like mine a fighting chance to pass our companies down to the next generation.
Today, Hawaii’s estate tax requires surviving family members to pay up to 20% of the value of their business when the owner dies. Many family companies like mine could only raise that money by selling off our business.
This bill is about keeping local companies alive, allowing us to compete with larger mainland companies that don’t have to pay that tax.
We need to pass this bill. If we don’t, you’ll see more and more local companies close or sell to national businesses. Either way, we’ll lose more of our local jobs and local brands. Hawaii’s family businesses need HB 2653.
Bertram Lau
Moiliili
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