Hawaii tax revenues drop despite rise in GET, hotel tax
Tax receipts flowing into the state’s general fund have dropped by almost 6 percent during the first four months of the current fiscal year.
The decrease, reported Monday by the state Department of Taxation, was caused by a big plunge in personal and corporate income tax receipts — 36 percent and 29 percent, respectively.
But that was mitigated by a 30 percent jump in transient accommodations tax revenues and an almost 9 percent rise in general excise tax receipts.
The agency says the 5.7 percent decrease in overall tax revenues between July 1 and October 30 reflected the release of accrued tax refunds in July.
It says that if the refunds were factored out, general fund receipts would have grown by nearly 8 percent.
