Section 241-2 - Imposition of tax on national banking associations; construction; exemption from other taxes, except real property tax(a) Every national banking association located or doing business in the State shall annually pay a franchise tax according to, or measured by, its net income, to be computed as provided in section 241-4, at the rate there prescribed. The State is hereby adhering to the prescriptions of section 5219, Revised Statutes of the United States, as amended (12 U.S.C. 548), or other similar law.(b) Nothing in this chapter shall be construed to:(1) Exclude the application of other taxes imposed by the State or any political division thereof on national banking associations or their activities, property, income, shares, or dividends when those taxes may be imposed in addition to those authorized by section 5219, Revised Statutes of the United States, as amended (12 U.S.C. 548), or other similar law;(2) Exempt the real property of national banking associations from taxation to the same extent, according to its value, as other real property is taxed; or(3) Preclude the inclusion of the dividends from national banking associations in the income of individuals taxable under chapter 235 to the same extent as are included dividends from domestic corporations.(c) If the tax imposed by this chapter at the rate provided in section 241-4 is, for any year, higher than is authorized by law, then in such event the rate of the tax imposed by this chapter shall, for national banking associations only, be reduced for that year to such per cent (to be computed to the nearest hundredth of one per cent) as will cause the amount of the tax imposed on national banking associations under this chapter not to exceed the authorized amount.Amended by L 2019, c 111,§ 7, eff. 6/21/2019.L Sp 1957, c 1, pt of §10(a); Supp, § 127-2; HRS § 241-2; am L 1968, c 7, §3; am L 1992, c 106, §12