Maui Business

FY2012 Tax Deposit Up 15%

July 16, 2012, 1:28 PM HST
* Updated July 16, 1:29 PM
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Fred Pablo, Director, State of Hawaii Tax Department. File Photo by Wendy Osher.

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%.

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Income tax deposits for corporation is up 111% and income tax deposit for individuals is up 23.6% over the previous year.

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