Wednesday, June 19, 2013
State tax collections down 2.1 percent
POSTED: 03:47 p.m. HST, Mar 04, 2011
LAST UPDATED: 07:17 p.m. HST, Mar 04, 2011
State tax collections are down 2.1 percent through the first seven months of the fiscal year — a figure heavily influenced by Gov. Linda Lingle's decision to delay state income tax refunds last year.
When the delayed tax refunds are factored out, the state Department of Taxation said state revenues would have increased 5.6 percent so far compared to last fiscal year.
The state Council on Revenues has projected 3 percent revenue growth for the fiscal year that ends in June.
General excise tax and use tax revenues — the largest single category of collections — are up 7.6 percent. Hotel room taxes are up 22.9 percent. Individual income taxes are down 19.8 percent. And corporate income taxes are down 277.3 percent.
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