Hawaii Revised Statutes 235. Income Tax Law

PART I. GENERAL PROVISIONS

• 235-1 Definitions.
  "Biotechnology" means fundamental knowledge regarding the function of biological systems from the macro level to the molecular and subatomic levels that has application to...
• 235-2 Same; "Internal Revenue Code".
  "Internal Revenue Code" means the Internal Revenue Code of 1954 as it applies to the determination of gross income, adjusted gross income, and taxable...
• 235-2.1 Internal Revenue Code, Further Amendments Adopted.
  For each taxable year specified in column 1 below the Internal Revenue Code meant is the Internal Revenue Code of 1954 as amended as...
• 235-2.2 Internal Revenue Code, Further Amendments Adopted.
  For each taxable year specified in column 1 below, the Internal Revenue Code meant is the Internal Revenue Code of 1954 as amended as...
• 235-2.3 Conformance to the Federal Internal Revenue Code; General Application.
  (a) For all taxable years beginning after December 31, 2014, as used in this chapter, except as provided in section 235-2.35, "Internal Revenue Code" means...
• 235-2.4 Operation of Certain Internal Revenue Code Provisions; Sections 63 to 530.
  (a) Section 63 (with respect to taxable income defined) of the Internal Revenue Code shall be operative for the purposes of this chapter, subject...
• 235-2.5 Administration, Adoption, and Interrelationship of Internal Revenue Code and Public Laws With This Chapter.
  (a) Reference in provisions of the Internal Revenue Code which are operative in this State to provisions in the Internal Revenue Code which are not...
• 235-2.35 Operation of Certain Internal Revenue Code Provisions Not Operative Under Section 235-2.3.
  The following sections of the federal Internal Revenue Code of 1986, as amended, shall be operative for purposes of this chapter: (1) Section 6038D...
• 235-2.45 Operation of Certain Internal Revenue Code Provisions; Sections 641 to 7518.
  (a) Section 641 (with respect to imposition of tax) of the Internal Revenue Code shall be operative for the purposes of this chapter subject...
• 235-3 Legislative Intent, How Internal Revenue Code Shall Apply, in General.
  (a) It is the intent of this chapter, in addition to the essential purpose of raising revenue, to conform the income tax law of...
• 235-4 Income Taxes by the State; Residents, Nonresidents, Corporations, Estates, and Trusts.
  (a) Residents. The tax imposed by this chapter applies to the entire income of a resident, computed without regard to source in the State....
• 235-4.3 Repealed.
  L 1999, c 253, §5.
• 235-4.5 Taxation of Trusts, Beneficiaries; Credit.
  (a) There shall be excluded from gross income any intangible income, such as dividends and interest, earned by a trust sited in this State...
• 235-5 Allocation of Income of Persons Not Taxable Upon Entire Income.
  (a) This section applies to income not subject to part II of this chapter, including nonbusiness income and certain section 235-22 income. (b) Income...
• 235-5.5 Individual Housing Accounts.
  (a) There shall be allowed as a deduction from gross income the amount, not to exceed $5,000, paid in cash during the taxable year...
• 235-5.6 Individual Development Account Contribution Tax Credit.
  (a) There shall be allowed to each taxpayer subject to the tax imposed under this chapter, an individual development account contribution tax credit certified...
• 235-6 Foreign Manufacturing Corporation; Warehousing of Products.
  (a) For the purposes of sections 235-21 to 235-39, a foreign corporation engaged in the business of manufacturing without the State, having its manufactured...
• 235-7 Other Provisions As to Gross Income, Adjusted Gross Income, and Taxable Income.
  (a) [Repeal and reenactment on January 1, 2018. L 2012, c 220, §5.] There shall be excluded from gross income, adjusted gross income, and...
• 235-7.3 Royalties Derived From Patents, Copyrights, or Trade Secrets Excluded From Gross Income.
  (a) In addition to the exclusions in section 235-7, there shall be excluded from gross income, adjusted gross income, and taxable income, amounts received...
• 235-7.5 Certain Unearned Income of Minor Children Taxed As If Parent's Income.
  (a) In the case of any child to whom this section applies, the tax imposed by this chapter shall be equal to the greater...
• 235-8 Repealed.
  L 1987, c 239, §1(9).
• 235-9 Exemptions; Generally.
  Except as provided in sections 235-61 to 235-67 relating to withholding and collection of tax at source, and section 235-2.4 relating to "unrelated business...
• 235-9.5 Stock Options From Qualified High Technology Businesses Excluded From Taxation.
  (a) Notwithstanding any law to the contrary, all income earned and proceeds derived from stock options or stock, including stock issued through the exercise...
• 235-10 Repealed.
  L 1978, c 173, §2(8).
• 235-11 Repealed.
  L 1988, c 107, §1.
• 235-12 Energy Conservation; Income Tax Credit.
  (a) For taxable years ending before January 1, 1990, except in the case of ice storage systems for taxable years ending before January 1,...
• 235-12.2 Repealed.
  L 1988, c 64, §2.
• 235-12.5 Renewable Energy Technologies; Income Tax Credit.
  (a) When the requirements of subsection (d) are met, each individual or corporate taxpayer that files an individual or corporate net income tax return for...
• 235-13 Sales of Residential Land to Lessees; Involuntary Conversion.
  (a) A sale by an organization exempt under section 501(c)(3), or treated as an estate or trust under Subchapter J of the Internal Revenue...
• 235-15 Tax Credits to Promote the Purchase of Child Passenger Restraint Systems.
  (a) Any taxpayer who files an individual income tax return for a taxable year may claim an income tax credit under this section against...
• 235-16 Repealed.
  L 2003, c 135, §9.
• 235-16.5 Cesspool Upgrade, Conversion, or Connection; Income Tax Credit.
  [Section repealed December 31, 2020. L 2015, c 120, §4.] (a) There shall be allowed to each taxpayer subject to the tax imposed under this...
• 235-17 Motion Picture, Digital Media, and Film Production Income Tax Credit.
  [Repeal and reenactment on January 1, 2019. L 2013, c 89, §3.] (a) Any law to the contrary notwithstanding, there shall be allowed to...
• 235-17.5 Capital Infrastructure Tax Credit.
  (a) There shall be allowed to each taxpayer subject to the taxes imposed by this chapter a capital infrastructure tax credit that shall be deductible...
• 235-18 Deposit Beverage Container Deposit Exemption.
  This chapter shall not apply to amounts received as a deposit beverage container deposit collected under part VIII of chapter 342G. [L 2004, c 241,
• 235-19 Exceptional Trees; Tax Deduction.
  (a) Subject to subsection (b), there shall be allowed as a deduction from gross income the amount, not to exceed $3,000 per exceptional tree,...
• 235-20 Comfort Letters; Authority to Assess Fees; Established.
  The department may assess and collect a fee for the issuance of any comfort letter of the department. All fees collected under this section...
• 235-20.5 Tax Administration Special Fund; Established.
  (a) [Subsection effective until December 31, 2015. For subsection effective January 1, 2016, see below.] There is established a tax administration special fund, into which...

PART II. UNIFORM DIVISION OF INCOME
FOR TAX PURPOSES

• 235-21 Definitions.
  As used in this part, unless the context otherwise requires: "Business income" means income arising from transactions and activity in the regular course of...
• 235-22 Taxpayers Affected.
  Any taxpayer having income from business activity which is taxable both within and without this State, other than activity as a public utility or...
• 235-23 Taxable in Another State.
  For purposes of allocation and apportionment of income under this part, a taxpayer is taxable in another state if: (1) In that state the...
• 235-24 Specified Nonbusiness Income.
  Rents and royalties from real or tangible personal property, capital gains, interest, dividends, or patent or copyright royalties, to the extent that they constitute...
• 235-25 Rents; Royalties.
  (a) Net rents and royalties from real property located in this State are allocable to this State. (b) Net rents and royalties from tangible...
• 235-26 Allocation of Capital Gains and Losses.
  (a) Capital gains and losses from sales of real property located in this State are allocable to this State. (b) Capital gains and losses...
• 235-27 Allocation of Interest and Dividends.
  Interest and dividends are allocable to this State if the taxpayer's commercial domicile is in this State. [L 1967, c 33, pt of §1;...
• 235-28 Allocation of Patent and Copyright Royalties.
  (a) Patent and copyright royalties are allocable to this State: (1) If and to the extent that the patent or copyright is utilized by...
• 235-29 Apportionment of Business Income; Percentage.
  All business income shall be apportioned to this State by multiplying the income by a fraction, the numerator of which is the property factor...
• 235-30 Apportionment; Property Factor.
  The property factor is a fraction, the numerator of which is the average value of the taxpayer's real and tangible personal property owned or...
• 235-31 Apportionment; Property Factor; Owned and Used Property.
  Property owned by the taxpayer is valued at its original cost. Property rented by the taxpayer is valued at eight times the net annual...
• 235-32 Apportionment; Property Factor; Average Value.
  The average value of property shall be determined by averaging the values at the beginning and ending of the tax period but the director...
• 235-33 Apportionment; Payroll Factor.
  The payroll factor is a fraction, the numerator of which is the total amount paid in this State during the tax period by the...
• 235-34 Compensation; Where Paid.
  Compensation is paid in this State if: (1) The individual's service is performed entirely within the State; or (2) The individual's service is performed...
• 235-35 Apportionment; Sales Factor.
  The sales factor is a fraction, the numerator of which is the total sales of the taxpayer in this State during the tax period,...
• 235-36 Apportionment; Sales Factor; Tangible Personalty.
  Sales of tangible personal property are in this State if: (1) The property is delivered or shipped to a purchaser, other than the United...
• 235-37 Apportionment; Sales Factor; Nontangible Personalty.
  Sales, other than sales of tangible personal property, are in this State if: (1) The income-producing activity is performed in this State; or (2)...
• 235-38 Equitable Adjustment of Formula.
  If the allocation and apportionment provisions of this part do not fairly represent the extent of the taxpayer's business activity in this State, the...
• 235-38.5 Application.
  It is the intent of the legislature that in administering this chapter, this part, and sections 235-4 and 235-5 or as a member of...
• 235-39 Citation of Part.
  This part may be cited as the "Uniform Division of Income for Tax Purposes Act". [L 1967, c 33, pt of §1; HRS §235-39]

PART III. INDIVIDUAL INCOME TAX

• 235-51 Tax Imposed on Individuals; Rates.
  (a) There is hereby imposed on the taxable income of (1) every taxpayer who files a joint return under section 235-93; and (2) every...
• 235-52 Tax in Case of Joint Return or Return of Surviving Spouse.
  In the case of a joint return of a husband and wife under section 235-93, the tax imposed, as near as may be, by...
• 235-53 Tax Tables for Individuals.
  (a) Imposition of tax table tax: (1) In general. In lieu of the tax imposed by section 235-51, there is hereby imposed for each...
• 235-54 Exemptions.
  (a) In computing the taxable income of any individual, there shall be deducted, in lieu of the personal exemptions allowed by the Internal Revenue...
• 235-55 Tax Credits for Resident Taxpayers.
  (a) Whenever an individual or person liable to the taxes imposed upon individuals, who is a resident of the State or who has filed...
• 235-55.5 Repealed.
  L 1990, c 187, §2.
• 235-55.6 Expenses for Household and Dependent Care Services Necessary for Gainful Employment.
  (a) Allowance of credit. (1) In general. For each resident taxpayer, who files an individual income tax return for a taxable year, and who...
• 235-55.7 Income Tax Credit for Low-Income Household Renters.
  (a) As used in this section: (1) "Adjusted gross income" is defined by section 235-1. (2) "Qualified exemption" includes those exemptions permitted under this...
• 235-55.8 Repealed.
  L 1998, c 157, §3.
• 235-55.9 Repealed.
  L 2000, c 18, §7.
• 235-55.85 Refundable Food/excise Tax Credit.
  (a) [Repeal and reenactment on December 31, 2017. L 2015, c 223, §4.] Each individual taxpayer, who files an individual income tax return for...
• 235-55.91 Credit for Employment of Vocational Rehabilitation Referrals.
  (a) There shall be allowed to each taxpayer subject to the tax imposed by this chapter, a credit for employment of vocational rehabilitation referrals which...
• 235-56 Repealed.
  L 1974, c 221, §1(2).
• 235-56.5 Repealed.
  L 1974, c 221, §1(3).
• 235-57 Repealed.
  L 1974, c 221, §1(4).
• 235-58 Repealed.
  L 1978, c 173, §2(11).
• 235-58.1 Repealed.
  L 1978, c 173, §2(11).
• 235-58.2 Repealed.
  L 1978, c 173, §2(11).
• 235-59 Decedents.
  In respect of a decedent, the determination of the income of the taxable period in which falls the date of the decedent's death, and...
• 235-60 Repealed.
  L 1978, c 173, §2(12).

WITHHOLDING AND COLLECTION OF TAX AT SOURCE

• 235-61 Withholding of Tax on Wages.
  (a) As used in this section: (1) "Wages" means wages, commissions, fees, salaries, bonuses, and every and all other kinds of remuneration for, or...
• 235-62 Return and Payment of Withheld Taxes.
  (a) Every employer required by this chapter to withhold taxes on wages paid in any month shall make a return of such wages to the...
• 235-63 Statements to Employees.
  Every employer required to deduct and withhold any tax on the wages of any employee shall furnish to each employee in respect of the...
• 235-64 Taxes Withheld by Employer Held in Trust; Employer's Liability.
  (a) All taxes withheld by any employer under section 235-61 shall be held in trust by the employer for the State and for the...
• 235-65 Repealed.
  L 1995, c 92, §22.
• 235-66 Further Withholdings At Source; Crediting of Withheld Taxes.
  (a) The department of taxation by regulation, may require the deduction and withholding of tax from any gross income or adjusted gross income of...
• 235-67 Indemnity of Withholder.
  Every person required to withhold a tax under sections 235-61 to 235-64, or under regulations adopted pursuant to section 235-66(a), is made liable for...
• 235-68 Withholding of Tax on the Disposition of Real Property by Nonresident Persons.
  (a) As used in this section: "Nonresident person" means every person other than a resident person. "Property" or "real property" has the meaning as...
• 235-69 Voluntary Deduction and Withholding of State Income Tax From Unemployment Compensation.
  An individual receiving unemployment compensation benefits under chapter 383 may elect to have state income tax deducted and withheld from the individual's payment of...

PART IV. CORPORATION INCOME TAX

• 235-71 Tax on Corporations; Rates; Credit of Shareholder of Regulated Investment Company.
  (a) A tax at the rates herein provided shall be assessed, levied, collected, and paid for each taxable year on the taxable income of...
• 235-71.5 Alternative Tax for Corporations.
  Section 1201 (with respect to alternative tax for corporations) of the Internal Revenue Code of 1986, as amended as of December 31, 1996, shall...
• 235-72 Corporations Carrying on Business in Partnership.
  Corporations carrying on business in partnership shall be treated in the same manner by this chapter as they are treated by the Internal Revenue...

PART V. ELECTION BY SMALL BUSINESS CORPORATION

• 235-81 to 89 Repealed.
  L 1978, c 173, §2(15).

PART VI. RETURNS AND PAYMENTS; ADMINISTRATION

• 235-91 Repealed.
  L 1978, c 173, §2(16).
• 235-91.5 Income Tax Credits; Ordering of Credit Claims.
  Notwithstanding any other law to the contrary providing for the use of an income tax credit under this chapter, in the offsetting of a taxpayer's...
• 235-92 Returns, Who Shall Make.
  For each taxable year, returns shall be made by the following persons to the department of taxation in such form and manner as it...
• 235-93 Joint Returns.
  (a) A husband and wife, having that status for purposes of the Internal Revenue Code and entitled to make a joint federal return for...
• 235-93.4 Effect of Civil Union.
  All provisions of the Internal Revenue Code referred to in this chapter that apply to a husband and wife, spouses, or person in a...
• 235-93.5 Repealed.
  L 1999, c 198, §3.
• 235-94 Returns by Agent, Guardian, Etc.; Liability of Fiduciaries.
  (a) Returns of decedents. If an individual is deceased, the return of the individual required under section 235-92 shall be made by the individual's...
• 235-94.5 Repealed.
  L 1990, c 16, §4.
• 235-95 Partnership Returns.
  Every partnership shall make a return for each taxable year upon forms prescribed by the department of taxation, itemizing its gross income and allowable...
• 235-96 Returns by Persons Making Payments.
  By duly promulgated regulations the department of taxation may require that any individual, partnership, corporation, joint stock company, association, insurance company, or other person,...
• 235-96.5 Returns Relating to Unemployment.
  (a) The state department of labor and industrial relations shall submit a return to the department of taxation according to the forms or rules...
• 235-97 Estimates; Tax Payments; Returns.
  (a) (1) Individuals, corporations (including S corporations), estates, and trusts, shall annually furnish the department of taxation with a declaration of estimated tax for...
• 235-98 Returns; Form, Verification and Authentication, Time of Filing.
  Returns shall be in such form as the department of taxation may prescribe from time to time and shall be verified by written declarations that...
• 235-99 Same; Place for Filing.
  Returns shall be filed with the collector for the taxation district in which is located the legal residence or principal place of business of...
• 235-100 Persons in Military Service.
  The collection from any person in the military service of any tax on the income of such person, whether falling due prior to or...
• 235-100.5 Abatement of Income Taxes of Members of Armed Forces on Death.
  Section 692 (with respect to income taxes of members of armed forces on death) of the Internal Revenue Code shall be operative for the...
• 235-101 Federal Returns and Assessments, When Copies are Required.
  (a) In prescribing the form of return the department of taxation may require that a person who is required to file a federal income...
• 235-102 Records and Special Returns.
  (a) Records. Every person liable to any tax imposed by this chapter or for the collection or deduction thereof at source, shall keep full,...
• 235-102.5 Income Check-Off Authorized.
  (a) Any individual whose state income tax liability for any taxable year is $3 or more may designate $3 of the liability to be...
• 235-102.6 Refund Splitting.
  (a) Any individual taxpayer required to make a return under this chapter shall be entitled to direct the deposit of an income tax refund...
• 235-103 Distortion of Income.
  When a taxpayer so conducts business as either directly or indirectly to benefit stockholders thereof, or any other person interested therein, by selling products...
• 235-104 Penalties.
  Penalties and interest shall be added to and become part of the tax, when and as provided by sections 231-39 and 235-97. The penalties...
• 235-105 Failure to Keep Records, Render Returns, or Make Reports by Responsible Persons.
  The penalties provided by sections 231-34, 231-35, and 231-36 shall apply to any person, whether acting as principal, agent, officer, or director for oneself, itself,...
• 235-106 Repealed.
  L 1995, c 92, §23.
• 235-107 Procedure Upon Failure to File Return.
  If any taxpayer or employer liable to make and file a return under this chapter fails, neglects, or refuses to make and file a...
• 235-108 Audit of Return; Procedure; Additional Taxes.
  (a) Audit. The director of taxation or a responsible person designated by the director to act in the premises for the purpose of verification...
• 235-109 Jeopardy Assessments, Security for Payment, Etc.
  Section 231-24 shall apply to the taxes imposed by this chapter, both in respect of taxpayers and employers. [L Sp 1957, c 1, pt...
• 235-109.5 Credits Against Income; Claim Limitation.
  (a) Notwithstanding any law to the contrary providing for a tax credit that may be claimed against a taxpayer's tax liability under section 235-110.51,...
• 235-110 Credits and Refunds.
  (a) If the taxpayer has paid as an installment of the tax more than the amount determined to be the correct amount of such...
• 235-110.2 Credit for School Repair and Maintenance.
  (a) There shall be allowed to each taxpayer licensed under chapter 444, 460J, or 464, who is subject to the tax imposed by this...
• 235-110.3 Ethanol Facility Tax Credit.
  (a) Each year during the credit period, there shall be allowed to each taxpayer subject to the taxes imposed by this chapter, an ethanol...
• 235-110.4 and 235-110.45 Repealed.
  L 2007, c 9, §§23, 24.
• 235-110.5 Repealed.
  L 1987, c 40, §2.
• 235-110.6 Fuel Tax Credit for Commercial Fishers.
  (a) Each principal operator of a commercial fishing vessel who files an individual or corporate net income tax return for a taxable year may...
• 235-110.7 Capital Goods Excise Tax Credit.
  (a) There shall be allowed to each taxpayer subject to the tax imposed by this chapter a capital goods excise tax credit which shall...
• 235-110.8 Low-Income Housing Tax Credit.
  (a) Section 42 (with respect to low-income housing credit) of the Internal Revenue Code shall be operative for the purposes of this chapter as...
• 235-110.9 High Technology Business Investment Tax Credit.
  (a) There shall be allowed to each taxpayer subject to the taxes imposed by this chapter a high technology business investment tax credit that shall...
• 235-110.46 Attractions and Educational Facilities Tax Credit; Ko Olina Resort and Marina; Makaha Resort.
  (a) There shall be allowed to each qualified taxpayer subject to the taxes imposed by this chapter or chapter 237, 237D, 238, 239, 241,...
• 235-110.51 Technology Infrastructure Renovation Tax Credit.
  (a) There shall be allowed to each taxpayer subject to the taxes imposed by this chapter, an income tax credit which shall be deductible from...
• 235-110.91 Tax Credit for Research Activities.
  (a) Section 41 (with respect to the credit for increasing research activities) and section 280C(c) (with respect to certain expenses for which the credit for...
• 235-110.92 Repealed.
  L 2007, c 9, §25.
• 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...
• 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...
• 235-111.5 High Technology; Sale of Unused Net Operating Loss Carryover.
  (a) A qualified high technology business as defined in section 235-7.3 may apply to the department to sell its unused net operating loss carryover...
• 235-112 Time for Assessment of Deficiency Attributable to Gain Upon Conversion.
  (a) If a taxpayer has made the election provided in section 1033(a)(2)(A) of the Internal Revenue Code, the rules stated in this section apply....
• 235-113 Time for Assessment of Deficiency Attributable to Gain Upon Sale of a Residence.
  (a) If after December 31, 1957, a taxpayer during a taxable year sells at a gain property used by the taxpayer as the taxpayer's...

APPEAL

• 235-114 Appeals.
  (a) Any person aggrieved by any assessment of the tax or liability imposed by this chapter may appeal from the assessment in the manner...

GENERAL PROVISIONS

• 235-115 Assessments, Etc., Prima Facie Proof.
  The effect of the notices of assessments and records prepared by or under the authority of the department of taxation shall be as set...
• 235-116 Disclosure of Returns Unlawful; Penalty.
  All tax returns and return information required to be filed under this chapter shall be confidential, including any copy of any portion of a...
• 235-117 Reciprocal Supplying of Tax Information.
  Notwithstanding section 235-116, the department may permit the Secretary of the Treasury of the United States, the Commissioner of Internal Revenue, the Multistate Tax...
• 235-118 Rules and Regulations.
  Except as otherwise provided in this chapter, the department of taxation shall prescribe and have printed all needful rules and regulations for the enforcement...
• 235-119 Taxes, State Realizations.
  All income taxes shall be for the use of the State and shall be paid into the state treasury at such times as the...

PART VII. HAWAII S CORPORATION INCOME TAX ACT

• 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...
• 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....
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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)...

Last modified: October 27, 2016