Hawaii Tax Collections Up 32.4%October 14, 2011, 2:28 PM HST (Updated October 14, 2011, 2:28 PM) · 0 Comments
By Sonia Isotov
Hawaii tax revenues were $1.2 billion for July through September, a 32.4% increase as compared to the same period a year ago, according an announcement Thursday by the Hawaii State Department of Taxation.
The tax department said that $908.9 million in tax revenue was collected for the first three months of the last fiscal year, July through September 2010, but when $187.4 million in accrued income tax refunds paid out in July 2010 are factored in, the year-over-year increase was only 9.8%.
In general excise and use taxes, $211.5 million was collected in September alone. Fiscal year-to-date 2011 compared to fiscal year-to-date 2010 showed a 7.1% increase over the previous year, or $655 million collected in general excise and use taxes in 2011 compared to $611 million in 2010 for the first quarter.
In individual income tax, for the first quarter of the 2012 fiscal year, $395 million was collected compared to $165 million collected in the same period 2011 fiscal year first quarter, July through September. This is a 139% increase year over year.
In transient accommodations tax (TAT) collections, $25 million was collected for the month of September 2011 were $25.0 million for the month. TAT collections were up 13.9% in 2012, when compared to fiscal year 11, for the first quarter.