HRS § 235-121 — Title; definitions; federal conformity; construction


PART VII
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 shall have the following meanings:
"C corporation" means a corporation
which is not an S corporation.
"Income attributable to the State"
means items of income, loss, deduction, or credit of the S corporation
apportioned to this State pursuant to part II of this chapter or allocated to
this State pursuant to section 235-5.
"Income not attributable to the
State" means all items of income, loss, deduction, or credit of the S
corporation other than income attributable to the State.
"Internal Revenue Code" has the
meaning set forth in section 235-2.3 and as it applies to the taxable period;
section references of the Internal Revenue Code shall be deemed to refer to
corresponding 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 share
determined with respect to an S corporation shareholder for a taxable period in
the 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 corporation
for which a valid election under section 1362(a) of the Internal Revenue Code
is in effect.
"Taxable period" means any taxable
year or portion of a taxable year during which a corporation is an S
corporation.
(c) Except as otherwise expressly provided or
clearly appearing from the context, any term used in this part shall have the
same 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 taxable
period. Due consideration shall be given in the interpretation of this part to
applicable sections of the Internal Revenue Code in effect from time to time
and to federal rulings and regulations interpreting those sections, provided
the Internal Revenue Code rulings and regulations do not conflict with this
part or other provisions of this chapter.
(d) This part shall be applied and construed
to effectuate its general purpose to make uniform the law with respect to the
subject matter of this part among states enacting it.