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Tax collections reflect downgrade in revenue forecast

By Star-Advertiser staff

POSTED:
LAST UPDATED: 01:05 a.m. HST, Apr 11, 2014


State tax collections are down 0.4 percent through nine months of the fiscal year, the state Department of Taxation reported on Thursday.

The state Council on Revenues had downgraded the state's revenue forecast in March to zero percent growth through the fiscal year, down from the 3.3 percent growth projected in January.

Actual tax collections are tracking with the lower forecast.

The Department of Taxation notes that lower revenue collections this fiscal year are influenced by two uncommon events. The state made a replenishment payment of $55 million into the hurricane relief fund in August. The state also made an unusually large allocation of a Honolulu rail tax surcharge in July.

General fund and use tax revenues -- the largest category of tax collections -- were down 2.2 percent through March compared to last fiscal year. Hotel-room tax collections, however, were up by 8.1 percent over last year.

The fiscal year ends in June.






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