Definitions for business tax break rules

Unless it is plainly evident from the context that a different meaning is intended, words and phrases used in this chapter are defined as follows: "Cash equity" means the actual amount of payments of principal which the owner has made, including cash down payment, payments of principal for improvements and mortgage loans. "Cash equity" does not mean points, appraisal fees, loan servicing fees, and other financing costs. In no case shall the term "cash equity" mean appreciated value caused by market fluctuation. "Council" means the council of the County of Maui. "DBEDT" means the department of business, economic development and tourism, State of Hawaii. "Qualified business" means any corporation, partnership, or sole proprietorship authorized to do business in the State which is: 1. Subject to the state corporate or individual income tax under chapter 235, Hawaiʻi Revised Statutes; the public service company tax under chapter 239, Hawaiʻi Revised Statutes; or the bank and financial corporation tax under chapter 241, Hawaiʻi Revised Statutes; 2. Engaged in manufacturing, the wholesale sale of tangible personal property, or a service business or calling; and 3. Qualified under section 209E-9, Hawaiʻi Revised Statutes. "Service business or calling" means any corporation, partnership, or sole proprietorship that acts upon or processes tangible personal property, such as cleaning, repair and maintenance, and does not mean activities which are not performed upon tangible personal property. (Ord. 2376 § 1 (part), 1994)