The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1901-05-03

Governor of the Territory OF Hawaii.
Act 20.
AN Act TO PROVIDE TAX ON INCOMES.
Be it enacted by the Legislature Territory of Ha,oaii:
SECTION l. and after the first day of July, A. D.
1901 shall levied assessed collected and paid an
nuay upon the gains profits and income over ana ABOVE
dollars derived residing in the
Territory all property owned and bust
trade profession employment or vocation carried on IN
Territory and by every residing without the Ter
ritory from all property owned and business trade
profession, employment or vocation carried on IN the Ter
rtory every officer of the Territory where
ever residing, of TWO PER CENT the amount
derived during the year preceding
There levied, assessed, collected and
paid annually except hereinafter provided tax of TWO
CENT the profit income above actually
ang expenses from all property owned and
every business trade employment vocation carried in
the Territory of Hawaii of all corporations doing business for
profit in the Territory matter where created and
ized provided however, that nothing herein contained shall
apply to corporations companies or associations conducted
solely charitable religious educational scientific
pose including fraternal beneficiary societies. nsur
companies taxed percentage of the premiums under
the authority of another Act
SECTION g. In estimating the gains profits and income
derived from interest notes. bonds and other
securities except such bonds of the Territory of Hawaii OF
municipalities Territory the principal
interest which the law of their issuance
axaton profits realized within the year preceding
sales of estate including easeholds purchased with
in two years. dividends the stock of corporations the
amount of all premiums bonds notes of coupons the
amount of sales OF all movable property less the amount ex
pended purchase production of the the
of person hot including part thereof consumed
directly by him or his family and the value of all per-
property acquired by gift Inheritance and all other
gains profits and income derived from whaso
f. The profits income of all corporations
shall include the amounts paid payable to- distributed
distrbutable among shareholders from any fund
account carried the of any fund used for
construction engagements of plant any other expenditure
investment paid from the net annual profits made
acquired by said corporation.
In computing incomes, the actually
Cured carrying any business trade profession
patton in managing property shall be deducted and
also all interest paid by such existing
Indebtedness And all taxes and license fees paid
within the year shall deducted from the gans profits
of the person the corporation which
actually paid the whether such corporation
owner mortgagor; also all losses actually
tanned during the year incurred in trade arising from
losses by fire not covered by Insurance. losses otherwise
actually incurred.
Provided deduction shall be made for any amount
paid for buildings permanent improvements
emens made increase the value of property estate
further that deduction shall be made per-
sona family the exemption of thousand dol
lars mentioned in Section 1 being in lieu of
Provided further, that where allowable herein only
deduction of thousand dollars shall be made from the
aggregate annual income of all the members of family
composed of one both parents and minor
children husband and wife, that guardians allowed
to make deduction every ward except
where two or wards comprised in family,
which case the aggregate deduction their shall
exceed one thousand dollars.
Provided further that assessing the income of any per-
son or corporation there shall be included the
celved from corporation dividends
such corporation if the of two per