PART VII. HAWAII S CORPORATION INCOME TAX ACT

 

[§235-121]  Title; definitions; federalconformity; construction.  (a)  The title of this part shall be the HawaiiS corporation income tax act.

(b)  For purposes of this part, the followingterms shall have the following meanings:

"C corporation" means a corporationwhich is not an S corporation.

"Income attributable to the State"means items of income, loss, deduction, or credit of the S corporationapportioned to this State pursuant to part II of this chapter or allocated tothis State pursuant to section 235-5.

"Income not attributable to theState" means all items of income, loss, deduction, or credit of the Scorporation other than income attributable to the State.

"Internal Revenue Code" has the meaningset forth in section 235-2.3 and as it applies to the taxable period; sectionreferences of the Internal Revenue Code shall be deemed to refer tocorresponding provisions of prior and subsequent federal tax laws.

"Post-termination transition period"means that period defined in section 1377(b)(1) of the Internal Revenue Code.

"Pro rata share" means the sharedetermined with respect to an S corporation shareholder for a taxable period inthe manner provided in section 1377(a)(1) or (2) or 1362(e)(2) or (3) or(6)(D), as the case may be, of the Internal Revenue Code.

"S corporation" means a corporationfor which a valid election under section 1362(a) of the Internal Revenue Codeis in effect.

"Taxable period" means any taxableyear or portion of a taxable year during which a corporation is an Scorporation.

(c)  Except as otherwise expressly provided orclearly appearing from the context, any term used in this part shall have thesame meaning as when used in a comparable context in the Internal Revenue Code,or in any statute relating to federal income taxes, in effect for the taxableperiod.  Due consideration shall be given in the interpretation of this part toapplicable sections of the Internal Revenue Code in effect from time to timeand to federal rulings and regulations interpreting those sections, providedthe Internal Revenue Code rulings and regulations do not conflict with thispart or other provisions of this chapter.

(d)  This part shall be applied and construedto effectuate its general purpose to make uniform the law with respect to thesubject matter of this part among states enacting it. [L 1990, c 16, pt of §1]