Hawaii Revised Statutes Division 1. Government § 241-2

(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:

(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.