Tax credits
HRS §235-129
in effect235-129. 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]
Source: Hawaii State Legislature (capitol.hawaii.gov), via Internet Archive capturesURL: http://www.capitol.hawaii.gov/hrscurrent/Vol04_Ch0201-0257/HRS0235/HRS_0235-0129.htmFetched: 11/10/2026