235-127 Distributions.
§235-127 Distributions. (a) Subject to subsection (c), a distribution made by an S corporation with respect to its stock to a resident shareholder shall be taken into account by the shareholder for purposes of section 235-4 and shall be taxable under section 235-51 to the extent that the distribution is treated as a dividend or […]
235-128 Returns; shareholder agreements; mandatory payments.
§235-128 Returns; shareholder agreements; mandatory payments. (a) An S corporation which engages in activities in this State which would subject a C corporation to the requirement to file a return under section 235-92 shall file with the department an annual return, in the form prescribed by the department, on or before the due date prescribed […]
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 […]
235-130 LIFO recapture.
§235-130 LIFO recapture. If an S corporation is subject to last in first out (LIFO) recapture pursuant to section 1363 of the Internal Revenue Code, then: (1) Any increase in the tax imposed by section 235-71 by reason of the inclusion of the LIFO recapture amount in its income shall be payable in four equal […]
235-110.94 REPEALED.
§235-110.94 REPEALED. L 2016, c 258, §5.
235-125 Carryforwards and carrybacks; loss limitation.
§235-125 Carryforwards and carrybacks; loss limitation. (a) Carryforwards and carrybacks to and from taxable periods of an S corporation shall be restricted in the manner provided in section 1371(b) of the Internal Revenue Code. (b) The aggregate amount of losses or deductions of an S corporation taken into account by a shareholder pursuant to section […]
235-110.97 Historic preservation income tax credit.
§235-110.97 Historic preservation income tax credit. [Section repealed December 31, 2024. L 2019, c 267, §3.] (a) Notwithstanding any law to the contrary, there shall be allowed to each taxpayer subject to the tax imposed by this chapter a historic preservation income tax credit for substantial rehabilitation of a certified historic structure that shall be […]
235-125.5 Transition rule.
§235-125.5 Transition rule. (a) A corporation for which an S election was in effect for federal purposes but not for Hawaii purposes for the taxable period immediately preceding the taxable period beginning after December 31, 1989, may elect before December 31, 1992, not to have section 235-125(a) apply to carryforwards from taxable periods preceding the […]
235-111 Limitation period for assessment, levy, collection, or credit; net operating loss carrybacks.
§235-111 Limitation period for assessment, levy, collection, or credit; net operating loss carrybacks. (a) General rule. The amount of income taxes imposed by this chapter (also the amount of income taxes imposed by any preceding law of the State) and the liability of any employer in respect of wages, shall be assessed or levied and […]
235-126 Part-year residence.
§235-126 Part-year residence. For purposes of this part if a shareholder of an S corporation is both a resident and nonresident of this State during any taxable period, the shareholder’s pro rata share of the S corporation’s income attributable to the State and income not attributable to the State for the taxable period shall be […]