FY2012 Tax Deposit Up 15%
By Sonia Isotov
For the just ended 2012 fiscal year, general fund deposits to the State of Hawaii are up by 14.9% compared with the 2011 fiscal year.
If the $187.4 million accrued refunds that were released in July 2010 are factored out, general fund deposits would increase by 10.2%.
General excise and use taxes, the largest single category of collections, were $224.2 million in June. For the 2012 fiscal year, general excise and use taxes have increased by 8.1% over the previous year.
Transient accommodations tax (TAT) collections were $25.0 million for the month. Compared to the 2011 fiscal year, TAT collections are up by 13.9%.
Income tax deposits for corporation is up 111% and income tax deposit for individuals is up 23.6% over the previous year.