HRS §235-31
How business property is counted for tax apportionment
This rule says how to value property when splitting business income for Hawaii taxes. Owned property is valued at what it originally cost. Rented property is valued at eight times the yearly rent you pay, after subtracting any rent you get from subletting it.
businesses
The statute, as written — Apportionment; property factor; owned and used property
Property owned by the taxpayer is valued at its original cost. Property rented by the taxpayer is valued at eight times the net annual rental rate. Net annual rental rate is the annual rental rate paid by the taxpayer less any annual rental rate received by the taxpayer from subrentals.
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