HONOLULU (HawaiiNewsNow) - Hawaii state tax receipts are up 6 percent since the current fiscal year began on July 1, and general excise tax receipts, an indicator of economic health, are up more than 8 percent.
The Hawaii Department of Taxation reports $216 million in excise tax receipts on October, and cumulative general excise tax revenue of $871 million since July 1, up 8.2 percent from $805 million at the same point last year.
Other taxes, especially corporate and personal income tax receipts, can fluctuate from month to month, but total general fund revenue in October was $360 million, and cumulative revenue is $1.58 billion, compared to $1.23 billion at the same point last year.
The Thursday report from the tax department refers to revenues up 21 percent, but that ratio is affected by the late tax refunds that were used in recent budget years. The 6 percent increase represents the actual improvement in tax receipts.
Excise tax receipts in particular can show how the economy is doing because so many different kinds of transactions are touched by this tax.
The transient accommodations tax, often referred to as a hotel tax though it also applies to other accommodations, has brought in $104 million since the fiscal year began, up 20.4 percent from the same four months a year ago.