235-121 Title; definitions; federal conformity; construction.
§235-121 Title; definitions; federal conformity; construction. (a) The title of this part shall be the Hawaii S corporation income tax act. (b) For purposes of this part, the following terms shall have the following meanings: “C corporation” means a corporation which is not an S corporation. “Income attributable to the State” means items of income, […]
235-122 Taxation of an S corporation and its shareholders.
§235-122 Taxation of an S corporation and its shareholders. (a) An election under section 1361(b)(3) and (e), or 1362(a) of the Internal Revenue Code shall be effective for the purposes of this chapter. Evidence of a valid election for federal purposes shall be submitted to the department in such form and at such time the […]
235-123 Modification and characterization of income.
§235-123 Modification and characterization of income. (a) The pro rata share of each resident and nonresident shareholder in the income attributable to the State of an S corporation, for the purposes of section 235-122(c), shall be subject to the modifications to corporate income provided by this chapter. (b) The pro rata share of each resident […]
235-110.93 Important agricultural land qualified agricultural cost tax credit.
§235-110.93 Important agricultural land qualified agricultural cost tax credit. (a) There shall be allowed to each taxpayer an important agricultural land qualified agricultural cost tax credit that may be claimed in taxable years beginning after the taxable year during which the tax credit under section 235-110.46 is repealed, exhausted, or expired. The credit shall be […]
235-124 Basis and adjustments.
§235-124 Basis and adjustments. (a) The initial basis of a resident shareholder in the stock of an S corporation and in any indebtedness of the corporation owed to the shareholder shall be determined in the manner provided under the Internal Revenue Code. The initial basis shall be determined as of the last to occur of […]
235-110.94 REPEALED.
§235-110.94 REPEALED.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 […]