§431:7-206  Domestic company credit for
retaliatory taxes paid other states.  If by the laws of any state other
than this State, or by the action of any public official of another state, any
insurer or company, as defined in section 431:1-202, organized or domiciled in
this State, shall be required to pay taxes for the privilege of doing business
in the other state, and the amounts are imposed or assessed so that the taxes
which are or would be imposed against Hawaii domestic insurance companies are
greater than those taxes required of insurers organized or domiciled in the
other state, to the extent the amounts are legally due to the other states, an
insurer or company organized or domiciled in this State may claim a credit
against the tax payable pursuant to this article of a sum not to exceed one
hundred per cent of the amount.  The credit shall not be greater than the tax
payable pursuant to this article during the taxable year.  All claims for the
tax credit under this section, including any amended claims, shall be filed on
or before the end of the twelfth month following the close of the taxable year
for which the credit may be claimed.  Failure to comply with the foregoing
provision shall constitute a waiver of the right to claim the credit. [L 1987, c
348, §14; am L 2009, c 77, §6]