§241-5  Returns; payment of tax. Returns made on the basis of the calendar year shall be made and filed, and thetax imposed by this chapter shall be paid, on or before April 20 following theclose of the calendar year.  Returns made on the basis of a fiscal year shallbe made and filed, and in such case the tax imposed by this chapter shall bepaid, on or before the twentieth day of the fourth month following the close ofthe fiscal year.

A taxpayer may elect to pay the tax in fourequal installments, in which case the first installment shall be paid on thedate prescribed for the payment of the tax, the second installment shall bepaid on the twentieth day of the second month, the third installment on thetwentieth day of the fifth month, and the fourth installment on the twentiethday of the eighth month after such date.  Notwithstanding the preceding, if thetotal tax liability under this chapter for the taxable year exceeds $100,000,the taxes so levied shall be payable in twelve equal installments, in whichcase the first installment shall be paid on or before the tenth day of thefirst month following the close of the taxable year, and the remaininginstallments shall be paid on or before the tenth day of each calendar monthafter such date.  If any installment is not paid on or before the date fixedfor its payment, the department, at its election, may cause the balance of thetax unpaid to become payable upon not less than ten days' notice and demand,and this amount shall be paid upon the date so fixed in the notice and demandfrom the department.  The department shall prescribe the forms in which returnsshall be made.

The provisions of chapter 235 regarding thelimitation period for assessment and refunds shall run from the filing of thereturn for the taxable year, or the due date prescribed for the filing of thereturn, whichever is later. [L Sp 1957, c 1, pt of §10(a); Supp, §127-5; HRS§241-5; am L 1992, c 38, §3]