The Hawaiian gazette., 1897-07-09
INCOME TAX ACT
Raliei Blanks MAY be Secured
This Month.
RETURNS TO Be MADE IN AUGUST
Certain Exemptions Tn.
der the Law.
One OF Most Important Acts Ever
Placed on Hawairs Stat
ute Books.
RETURNS TO Be MADE IN AUGUST

Hawaii'S new internal revenue law.
the Income Tax Act. is soon TO become
actually operative, It Was made 3 stat
ute 1t the last session OF the LegiSla-
rure. In both branches il was given
exhaustive discussion. and as well had
the close attention Of committees. the
comment Of the press and the scrutiny
o. public men and prominent members
OF the business and industrial CON-
muniries- Opinion was very generally
in eomnendarion Of the act.
The act provides that returns shall
be made TO the assessors OF the various
districts o. the Islands during the
month Of August Of each year. For this
purpose blanks viii be available dur
ing the month OF July. Payment is 10
Be made On or before the 18th Of No
yembs-. annually
Assessment lies against corporations |
and individuals engaged in any bust
ness. trade or vocation in Hawaii !
Firms are not reached as combinations.
but the call Is made upon the members
separately.
The assessment rare is fixed ST l per
cent When the income has not ex-
ceede6 $4,000, an exemption OF $4,000
is allowed TO individuals, but corpora
u0ns are not allowed any exemption
An income OF more than s.. 800 must
be returned for the information OF the
assessor. although incomes not exceed
Ing $1,000 are exempt from the tax
There viii be no tax upon corporations
or associations OF . charitable. relig-
ions. educational or scientific nature
Neither Is there tribute upon benef-
ciary societies operating upon the
lodge system
The return sheet Is very neatly az
ranged. and IS clear and concise in its
terms. directions and requirements
There are three schedules and : sum
mary They are as follows:
ACROSS INCOlIE-HoW DIVIDED.
Interest received or accrued on bonds.
notes. mortgages and other securities
Profits on sales Of real estate Gin
Guiding Ieazeholts), purchased within
Two years
Dividends on corporation stocks
Premiums on bonds. notes and eou-
pons-
sales Of movable property Of every
description
Money and other personal property
acquired By gift Or Inheritance
Salaries. fees and Other conpensa-
ti0u for services
amounts paid OF payable distrib-
uted OF distrfbutable from any fund OF
account
Amounts carried 70 the account OF
any fund OF used for constructions or
enlargement OF plant and other sxpen-
ditures OF investments paid from net
annual profits
Al other gains. profits and income
from any source
Total income.
These items apply 10 corporations
ard are not 70 be stated unless covered
By one OF the previous items
DEDUCTIONS AND EXENP-
TONS
Interest On Government bonds
Interest paid BY or due from the IN
6ersizuei upon bonds. notes mort
cages OF other existing Indebtedness.
Interest due 70 The undersigned upon
bonds notes. mortgages and other So
curities- but uncOlIectzble.
Debts aseertained 70 Be worthless.
Amounts expended in the purchase
Or producrfou OF movable property
mentioned il Schedule a"
Necessary expenses actually incur
red in carrying Oh the business, trade,
profession Or occupation OF in uansg-
ing the property fss the case nay bel
Taxes and license fees paid 70 the
Government
Actual Iosses incurred in trade not
included in any preceding item
Actual losses arising from fire, slorm
O. sLipEreck and not compensated for
by Insurance OF Othsrvise
Dividends q corporation stocks re-
eeived from corporations which have
paid the income tax
Gifts and inhsritzuees otherwise
taxed as such
Special exemption OF incomes not
exceeding $4,000.
Total
ESPECIAL EXHIBIT OF CORPO-
RATIONS-
Gross receipts from sales made az
hone and abroad and from all kinds
q business OF every name and nature
Expenses, exclusive o. interest an
nufriss and dividends
Net profits without allowance for
interest suuuitiss and diTidsuds-
Amount paid On account Of interest,
a1n1ittes and dividends, stated sepzr-
ztslE
Interest
Aunuttfes-
DiTiGErGS