Note

L 1998, c 157, §5 provides:

"SECTION 5. Chapter 420, Hawaii Revised Statutes, is repealed on December 31, 2001; provided that those corporations incorporated under chapter 420, Hawaii Revised Statutes, prior to July 1, 1998, shall only claim tax benefits under chapter 420, Hawaii Revised Statutes, and in particular section 420-16, Hawaii Revised Statutes, in the following manner:

(1) For the taxable year beginning January 1, 1998, any exemption from taxation or credit under section 420-16, Hawaii Revised Statutes, shall be eighty per cent of the taxes due the State or the credit allowable. Any tax exemption or credit not used shall not be applied to future tax years;

(2) For the taxable year beginning January 1, 1999, any exemption from taxation or credit under section 420-16, Hawaii Revised Statutes, shall be sixty per cent of the taxes due the State or the credit allowable. Any tax exemption or credit not used shall not be applied to future tax years;

(3) For the taxable year beginning January 1, 2000, any exemption from taxation or credit under section 420-16, Hawaii Revised Statutes, shall be forty per cent of the taxes due the State or the credit allowable. Any tax exemption or credit not used shall not be applied to future tax years; and

(4) For the taxable year beginning January 1, 2001, any exemption from taxation or credit under section 420-16, Hawaii Revised Statutes, shall be twenty per cent of the taxes due the State or the credit allowable. Any tax exemption or credit not used shall not be applied to future tax years."