Hawaii tax revenues up

Published: May. 11, 2012 at 8:11 AM HST
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HONOLULU (HawaiiNewsNow) - Ten months into the state government's budget year, Hawaii general fund revenues are over $4 billion, up 7.3 percent from the same point a year ago.

In a sign of economic recovery, income is up 8.2 percent from general excise and use taxes. The excise tax is by far the largest source of state tax revenue, and, since it attaches so many transactions, is a useful barometer of economic activity.

For the 10 months from July 1 to April 30, general excise and use tax revenue topped $2.2 billion, about $170 million more than at the same juncture in the 2010-2011 budget year, according to new data from the state Department of Taxation.

The increase in funds actually available for state government operations is even greater - closer to 13 percent - because in 2010-2011 millions were used to pay late tax refunds from 2009-2010, an accounting maneuver used during the recession to limit cutbacks.

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