Revenue from taxes predicted to rise 5%

Gov. Abercrombie cheers economists' forecast of growth in the next half-year

By Derrick DePledge

POSTED: 01:30 a.m. HST, Jan 04, 2013

~~<p>The state Council on Revenues upgraded the state's tax collection forecast Thursday, predicting that the housing and construction sectors of the economy will follow tourism into the recovery.</p>
<p>The council increased the revenue forecast for fiscal year 2013, which ends in June, to 5.1 percent growth, up from 4.9 percent in September. The council raised the forecast for fiscal year 2014 to 6.8 percent growth, up from 3.9 percent. The state estimates that the new forecast will mean an additional $10.3 million in tax revenue this fiscal year and $162.3 million in more revenue the following fiscal year.</p>
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The state Council on Revenues upgraded the state's tax collection forecast Thursday, predicting that the housing and construction sectors of the economy will follow tourism into the recovery.

The council increased the revenue forecast for fiscal year 2013, which ends in June, to 5.1 percent growth, up from 4.9 percent in September. The council raised the forecast for fiscal year 2014 to 6.8 percent growth, up from 3.9 percent. The state estimates that the new forecast will mean an additional $10.3 million in tax revenue this fiscal year and $162.3 million in more revenue the following fiscal year. Login for more...