HRS § 237-29.7 — Exemption of insurance companies


[§237-29.7] Exemption of insurance
companies. This chapter shall not apply to the gross income or gross
proceeds of insurance companies authorized to do business under chapter 431;
except this exemption shall not apply to any gross income or gross proceeds
received after December 31, 1991, as rents from investments in real property in
this State; provided that gross income or gross proceeds from investments in
real property received by insurance companies after December 31, 1991, under
written contracts entered into before January 1, 1992, that do not provide for
the passing on of taxes or tax increases shall not be taxed until the contracts
are renegotiated, renewed, or extended.