§421-23 Taxation. Domestic associations organized under this chapter shall pay an annual license fee of $10 to the director of commerce and consumer affairs (and which shall be a general realization of the State) which shall be in lieu of all other corporation, franchise, and income taxes, and taxes and charges upon reserves held by the association for distribution to members, including without limitation upon the generality of the foregoing any taxes imposed under chapter 235.

To obtain the exemptions from taxation granted by this section or any other law, the association annually shall file with the director of taxation a copy of its report made under section 421-22, and in addition thereto, within ninety days after the close of its fiscal year, shall file with the tax assessor of each district in which there are persons doing business to whom it has paid, during the preceding fiscal year, any proceeds of goods marketed, a report showing the name of each person to whom the proceeds were paid, the total proceeds of sales for which such person is taxable under chapter 237 for the fiscal year, and the rate or rates of such tax applicable thereto or to the several amounts thereof, as the case may be. [L 1949, c 234, pt of §1; RL 1955, §176-26; am L Sp 1959 2d, c 1, §§15, 16; am L 1963, c 114, §3; am L 1967, c 37, §1; HRS §421-23; am L 1972, c 103, §6; am L 1982, c 204, §8; am L 1983, c 124, §17]