HRS §412:10-122
Credit unions are exempt from most state and local taxes
Credit unions chartered under this law get the same tax breaks as federal credit unions. They do not pay most state or local taxes, except taxes on real property and personal services, which are taxed like similar property. Joining a government benefits program does not give up this tax exemption.
The statute, as written — Taxation
(a) All credit unions, now or hereafter chartered under this chapter shall have the same immunity from state and local taxation that federally chartered credit unions have from time to time under the laws of the United States government. Any credit union organized under this chapter shall be exempt from all taxation now or hereafter imposed by this State or any taxing authority within this State. No law which taxes corporations in any form shall apply to such credit union, except that any real property and personal services provided to the credit union shall be subject to taxation to the same extent as other similar property is taxed. (b) The participation by a credit union in any government program providing unemployment, social security, old age pension or other benefits shall not be deemed a waiver of the taxation exemption hereby granted.
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