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

AN ACT
To AMEND SECTIONS 1915 1919 $780, 1884, 1892 12S3 1886
AND 1888 OF THE REVISED LAWS HAWAII RELATING
INCOME TAX.
BE Enacted by the Legislature of the Territory of Hauaii:
SECTION Section 1878 of the Revised Laws Hawaii is
hereby amended so to read follows
Section 1878 Rate Persons Income There shall be
levied assessed collected and paid annually upon the gans
profits and income and above One thousand Dollars
rived by every person residing in the Territory of Hawaii
from all property owned and business trade profession
employment VOCATION carried in the Territory and by
every residing without the Territory from all property
owned and every business trade profession employment
vocation carried in the Territory and by every
officer of the Territory, wherever residing of per
cent the 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 Immediately preceding the first day of January
each in which such payable except that the first
taxation period shall be the half year Immediately preceding
the first day of January, 1906"
SECTION 2 Section 1919 of the Revised Laws of Hawaii
Is hereby amended to read follows
Section 1879. On Corporation Income There shall be
levied assessed collected and paid annually except herein
after provided tax Of two per the profit income
above actual operating and business expenses derived during
the first taxation period and each succeeding taxation 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, that moth
ing herein contained shall apply corporations, companies
associations conducted solely for charitable religious educa
tona scientific purposes including faernl beneficiary
cieties insurance companies taxed percentage of
the premiums under the authority of another law"
SECTION g. Secno 1880 of the Revised Laws of Hawaii
Is hereby amended to read as follows
Section 1880 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 issuance
exempt from all taxaton profits realized within the taxation
period whether that period be the first taxation period any
succeeding taxation period from sales of real estate including
easeholds purchased within years. dividends upon the
stock of corpoton the of all premiums bonds
notes coupons the of sales of all movable property
less the amount expended in the purchase production of the
and the of person including part there
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 any
whatsoever during said taxation period"
SECTION A. Section 1881 of the Revised Laws of Hawaii
is hereby amended a to read as follows:
Section 1891. Income, How Computed The net profits
income of all corporations shall include the paid
payable distributed dstrbutabe among sharehod-
from any fund.- used for construction enlargement of
plant any other expenditure investment paid from the
net profits made acquired by said corporation during the
taxation period 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 person corporation existing in.
debedness And all taxes and license fees paid
within the taxation period next preceding whether that period
be the first taxation period succeeding taxation period
shall he deducted from the gains profits income of the per-
who the corporation which, has actually paid the same
whether such corporation be owner tenant mort
also all losses actually sustained during the taxation
period preceding whether that period be the taxation
period succeeding taxation period incurred in trade
arising from losses by fire covered by insurance
otherwise actually incurred
Provided that deduction shall be made for any
paid out for buildings permanent improvements bet
termen increase value of any property or estate
Provided further that deduction shall be made for per-
sona family expenses the exemption of Five Hundred Dol
lars for the first taxation period and One Thousand Dollars for