Hawaii § 241-2 - Imposition of tax on national banking associations; construction; exemption from other taxes, except real property tax.
Full text of Hawaii Hawaii Revised Statutes § 241-2 — Imposition of tax on national banking associations; construction; exemption from other taxes, except real property tax., with citation guidance and answers to common questions.
§ 241-2. Imposition of tax on national banking associations; construction; exemption from other taxes, except real property tax.
(a) Every national banking association located or doing business in the State shall annually pay a franchise tax according to, or measured by, its net income, to be computed as provided in section 241-4, at the rate there prescribed. The State is hereby adhering to the prescriptions of section 5219, Revised Statutes of the United States, as amended (12 U.S.C. 548), or other similar law. (b) Nothing in this chapter shall be construed to: (1) Exclude the application of other taxes imposed by the State or any political division thereof on national banking associations or their activities, property, income, shares, or dividends when those taxes may be imposed in addition to those authorized by section 5219, Revised Statutes of the United States, as amended (12 U.S.C. 548), or other similar law; (2) Exempt the real property of national banking associations from taxation to the same extent, according to its value, as other real property is taxed; or (3) Preclude the inclusion of the dividends from national banking associations in the income of individuals taxable under chapter 235 to the same extent as are included dividends from domestic corporations. (c) If the tax imposed by this chapter at the rate provided in section 241-4 is, for any year, higher than is authorized by law, then in such event the rate of the tax imposed by this chapter shall, for national banking associations only, be reduced for that year to such per cent (to be computed to the nearest hundredth of one per cent) as will cause the amount of the tax imposed on national banking associations under this chapter not to exceed the authorized amount. [L Sp 1957, c 1, pt of §10(a); Supp, §127-2; HRS §241-2; am L 1968, c 7, §3; am L 1992, c 106, §12; am L 2019, c 111, §7] Previous Vol04_Ch0201-0257 Next
Source: official Hawaii text · Last verified 2026-08-27
Frequently Asked Questions About Hawaii § 241-2
What does Hawaii Revised Statutes § 241-2 cover?
Section 241-2 ("Imposition of tax on national banking associations; construction; exemption from other taxes, except real property tax.") is part of the Hawaii Revised Statutes, the codified statutory law of Hawaii. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Hawaii § 241-2?
A common citation format is "Hawaii Revised Statutes § 241-2" (Hawaii). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Hawaii law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Hawaii official source linked on this page or consult a licensed Hawaii attorney.
How does Hawaii § 241-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Hawaii can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Hawaii.