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Page 6 . ~ . ~ O . <br /> 1 income, and "X" ie the required rate of the tax on gross income <br /> 2 for the utility in question: <br /> 3 , X=[(1.8725+26.75R)] (26.75R-2.1275)$; <br /> 4 provided that >n no case governed by the formula shall "X" be <br /> S less than [5.885] 1.885 per cent or more than [8.2] 4.2 per <br /> 6 cent. <br /> 7 However, if the gross income is apportioned under section <br /> 8 239-8 (b) or (c), there shall be no adjustment of the rate of tax <br /> 9 on the amount of gross income so apportioned to the State on <br /> <br /> 1o account of the ratio of the net income to the gross income being <br /> 11 in excess of fifteen per cent, and >.t shall be assumed in ouch <br /> 12 case that the ratio is fifteen per cent or less." <br /> 13 SECTION 4. Section 239-7, Hawaii Revised Statues, is <br /> 14 amended to read as follows: <br /> 15 "§239-7 Aaeeaemeatel paymeatef chapter 235 applicable. (a) <br /> 16 The tax imposed by this chapter shall be assessed against each <br /> 17 public service company in the manner provided by this chapter, <br /> is and shall be paid to the department of taxation at the times(,] <br /> 19 and in the manner (in installments or otherwise) provided by <br /> 28 this section, except as provided in section 239-5(a), where <br /> 21 there is levied and assessed a tax in excess of four per cent <br /> 22 upon gross income, the revenues generated from the tax >.n excess <br /> TAX-14(01) <br /> UtANHONO 739111 I <br /> <br />