Tax Appeal of Cosmo World of Hawaii, Inc. v. Okamura

Opinion of the Court by

LIM, J.

Appellants Cosmo World of Hawaii, Inc. (Cosmo World), Kaupulehu Makai Venture (KMV), Kaupulehu Water Company (KWC) and Kaupulehu Waste Water Company (KWWC) appeal the July 25, 2000 judgment *271of the tax appeal court1 and the underlying December 30, 1999 order that granted the motion for summary judgment filed by Ap-pellee Director of Taxation, State of Hawai'i (the Director) and denied the motion for summary judgment filed by Appellants.

We conclude the court correctly decided that Cosmo World waived its right to a capital goods excise tax credit refund when it…