Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1905-05-04
ACT 81.
AN ACT


10 AMEND SECTIONS 1915 279 $780, 1884, 1892 $685. 1886
AND 1888 REVISED LAWS OF HAWAII, RELATING
INCOME TAX.
Be Enacted by the Legislature of the TERRITORY of Hama:
SECTION l. Section 1878 of the Revised Laws of Hawaii is
hereby amended so to read follows:
Section 1878 Rate on Persons Income There shall be
levied assessed collected and paid annually upon the gains
profits and income and above One thousand Dollars
rived by every person residing in the Territory of Hawaii
from all property owned and every business trade profession
employment vocation, carried the Territory By
every residing without the Territory from all property
owned and business trade profession employment
vocation carried in the Territory and by every
officer of the Territory wherever residing of two per
cent on the amount derived during the taxation periods
herein defined provided that the exemption for the first
ton period shall be only Five Hundred Dollars
The taxation period within the meaning of this chapter shall
be the year Immediately preceding the first day of January
each year. in which such payable except
taxation period shall be the half Immediately preceding
the first day of January, 1906"
SECTION Section 1879 of the Revised Laws of Hawaii
is hereby amended read follows
"Secon 1919 On Corporation Income. There shall be
levied assessed collected and paid annually except herein
after provided tax of two per the profit
above actual operating and business expenses derived during
the first taxation period and each succeeding period
from all property owned and every business trade employ
ment vocation, carried in the Territory of Hawaii of all
corporations doing business for profit in the Territory
ter where created and organized provided however,
ing herein contained shall apply corporations companies
associations conducted solely for charitable religious educa-
tonal scientific purposes including ternal beneficiary
cieties insurance companies taxed percentage
the premiums under the authority of another law"
SECTION Sectno 1850 of the Revised Laws of Hawaii
is hereby amended as to read as follows
Section 1850. Income Includes What In estimating the
gains profits and income of corporation there
shall be included all income derived from interest upon notes.
bonds and other securities except such bonds of the Territory
OF Hawaii of municipalities created by this Territory, the
principal and interest of which, by the law of their
exempt from all taxation profits realized within the taxation
period whether that period be the first taxation period any
succeeding taxation period from sales of real estate including
leasehods purchased within years. dividends upon the
stock OF corporation the amount of all premiums bonds
notes coupons the of sales of all movable property
less the amount expended in the purchase production of the
of consumed directly by him his family money and the
value OF all personal property acquired by gift inheritance
and all other gains profits and income derived from any
whatsoever during said taxation period"
SECTION A. Section 1881 of the Revised Laws of Hawaii
Is hereby amended so a to read as follows:
Section 1891. Income, How Computed. The net profits
or income OF all corporations shall include the paid
payable to- distributed distrbutabe among harehod
from any fund.- used for construction enlargement of
plant any other expenditure investment paid from the
net profits made acquired by said corporations during the
taxation period next preceding whether that period be the first
taxation period any succeeding period.
In computing incomes the necessary expenses actually in
Cured in carrying any business trade profession
PATTON in managing property shall be deducted and also
all interest paid by such corporation existing in
debedness And all government taxes and license fees paid
within the taxation period next preceding whether that period
be the first taxation period succeeding taxation period
shall be deducted from the gains profits income of the per-
who the corporation which, has actually paid the same
whether such person corporation be owner mort
gagor also all losses actually sustained during the taxation
period next preceding whether that period be the first taxation
period succeeding taxation PERIOD incurred in trade
arising from losses by fire covered Insurance.
otherwise actually incurred.
Provided that deduction shall be made any amounts
paid out for buildings permanent improvements bet
termen made increase the value of any property estate
Provided further that deduction shall be made for per-
sonal family expenses the exemption of Five Hundred Dol
lars for the first taxation period and One thousand Dollars for