State Tax Collections Up 13.6%June 13, 2012, 3:20 PM HST · Updated June 13, 3:21 PM 0 Comments
By Sonia Isotov
Eleven months into the current 2012 fiscal year and general fund deposits are up by 13.6% compared with the 2011 fiscal year, according to preliminary statements of the State of Hawaii Department of Taxation.
If the $187.4 million accrued refunds that were released in July 2010 are factored out, general fund deposits would still increase by 8.5%.
General excise and use taxes, the largest single category of collections, were $234.1 million in May. For the 2012 fiscal year, general excise and use taxes have increased by 7.6% over the previous year.
Transient accommodations tax (TAT) collections were $31.1 million for the month. Compared to the 2011 fiscal year, TAT collections are up by 13.2%.