HRS § 235-129 — Tax credits


§235-129 Tax credits. (a) For
purposes of section 235‑55, each resident shareholder shall be considered to
have paid a tax imposed on the shareholder in an amount equal to the
shareholder's pro rata share of any net income tax paid by the S corporation to
a state that does not measure the income of S corporation shareholders by the
income of the S corporation. For purposes of the preceding sentence, the term
"net income tax" means any tax imposed on or measured by a
corporation's net income.
(b) Each shareholder of an S corporation shall
be allowed a credit against the tax imposed by section 235-51 in an amount
equal to the shareholder's pro rata share of the tax credit earned by the S
corporation in this State.