Section 1201 (with respect to alternative tax for corporations) of the Internal Revenue Code shall be operative for the purposes of this chapter and shall be applied as set forth in this section. If for any taxable year a bank, building and loan association, development company, financial corporation, financial services loan company, small business investment company, mortgage loan company, financial holding company, or trust company has a net capital gain, then, in lieu of the tax imposed by § 241-4, there is hereby imposed a tax (if such tax is less than the tax imposed under § 241-4 ) which shall consist of the sum of:

(1) A tax computed on the taxable income reduced by the amount of the net capital gain, at the rates and in the manner as if this section had not been enacted; plus

Terms Used In Hawaii Revised Statutes 241-4.3

  • Bank: means and includes any national banking association and any bank chartered or licensed pursuant to chapter 412. See Hawaii Revised Statutes 241-1
  • Building and loan association: means any corporation that has been authorized to operate as a savings bank or savings and loan association pursuant to chapter 412, and any federal savings and loan association. See Hawaii Revised Statutes 241-1
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Development company: means a company approved by the federal Small Business Administration to operate under the provisions of Title V of the federal Small Business Investment Act of 1958, Public Law 699, as amended. See Hawaii Revised Statutes 241-1
  • Financial holding company: means any corporation registered under the Federal Bank Holding Company Act of 1956, as amended, or registered as a savings and loan holding company under the Home Owners' Loan Act of 1933, as amended. See Hawaii Revised Statutes 241-1
  • Financial services loan company: means any company which has been authorized to engage in the business of a financial services loan company pursuant to chapter 412. See Hawaii Revised Statutes 241-1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Small business investment company: means a company approved by the federal Small Business Administration to operate under the provisions of the federal Small Business Investment Act of 1958 (72 U. See Hawaii Revised Statutes 241-1
  • Trust company: means a corporation or joint stock company authorized to conduct business as a trust company under article 8 of chapter 412. See Hawaii Revised Statutes 241-1
(2) Four per cent of the net capital gain for the taxable year.

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