HONOLULU (HawaiiNewsNow) - Three quarters of the way through the current state budget cycle, Hawaii general excise tax receipts are up almost 10 percent and total tax receipts are up more.
The Hawaii Department of Taxation reports total state tax receipts from last July 1 through the end of March were up 10.6 percent, to $3.896 billion. The increase is $370 million, equal to an entire extra month worth of tax revenue at current rates.
General excise taxes since July 1 have topped $2.2 billion and are up 9.7 percent.
Unlike the total tax take, which can be affected by the timing of corporate and personal income taxes, the excise tax take applies to most purchases of goods and services in Hawaii and provides a broad proxy for the overall state of the economy.
Transient accommodations tax revenues, usually called the hotel tax through it also applies to other kinds of accommodations, have topped $270 million since the current budget cycle began, and are up 13.3 percent from the same juncture a year ago.