§235-9  Exemptions; generally.  Exceptas provided in sections 235-61 to 235-67 relating to withholding and collectionof tax at source, and section 235-2.4 relating to "unrelated businesstaxable income", the following persons and organizations shall not betaxable under this chapter:  banks, building and loan associations, financialservices loan companies, financial corporations, small business investmentcompanies, trust companies, mortgage loan companies, financial holdingcompanies, subsidiaries of financial holding companies as defined in chapter241, and development companies taxable under chapter 241; insurance companies,agricultural cooperative associations, and fish marketing associationsexclusively taxable under other laws; and persons engaged in the business ofmotion picture and television film production as defined by the director oftaxation. [L Sp 1957, c 1, pt of §2; am L 1965, c 224, §4; Supp, §121-6; HRS§235-9; am L 1976, c 156, §7 and c 203, §4; am L 1979, c 62, §2(8); am L 1982,c 92, §4; gen ch 1985; am L 1987, c 239, §1(10); am L 1989, c 266, §3; am L1992, c 106, §2; am L 1997, c 107, §2]

 

Case Notes

 

  Exempting particular classes from income taxes does notrender law objectionable on grounds of inequality.  35 H. 855, aff'd 130 F.2d786.

  Exemption is grant of immunity where otherwise liable toassessment.  35 H. 855, aff'd 130 F.2d 786.

  Claims for exemption strictly construed.  36 H. 340.