2011 Hawaii Code
DIVISION 1. GOVERNMENT
TITLE 14. TAXATION
235. Income Tax Law
§235-129 Tax credits.
§235-129 Tax credits. (a) For purposes of section 235‑55, each resident shareholder shall be considered to have paid a tax imposed on the shareholder in an amount equal to the shareholder's pro rata share of any net income tax paid by the S corporation to a state that does not measure the income of S corporation shareholders by the income of the S corporation. For purposes of the preceding sentence, the term "net income tax" means any tax imposed on or measured by a corporation's net income.
(b) Each shareholder of an S corporation shall be allowed a credit against the tax imposed by section 235-51 in an amount equal to the shareholder's pro rata share of the tax credit earned by the S corporation in this State. [L 1990, c 16, pt of §1; am L 1992, c 105, §1; am L 2007, c 151, §2]
Note
The 2007 amendment applies to taxable years beginning after December 31, 2006. L 2007, c 151, §4.
Disclaimer: These codes may not be the most recent version. Hawaii may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
