POSTED: 06:36 a.m. HST, Aug 27, 2011
LAST UPDATED: 06:39 a.m. HST, Aug 27, 2011
The Hawaii's general fund had nearly $400 million in tax revenues during the first month of the new fiscal year — more than double the level from last year.
One of the biggest reasons for the increase is that the state reported more than $114 million in the income tax revenue in July.
This account was more than $80 million in the red in July 2010 because the state belatedly paid income tax returns from the previous year in the first months of the new fiscal year to balance the budget.
The state Department of Taxation said Friday general excise tax revenue climbed 17 percent during the month to $229 million.
The transit accommodation tax jumped 79 percent from the same month last year to $27 million.