#Tax Collections

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.

Eleven months into the current 2012 fiscal year and general fund deposits are up by 13.6% compared with the 2011 fiscal year.

Last Thursday, HB 2078 bill requiring non-resident vacation rental owners to hire local property managers was passed by the Senate Tourism Committee.

State lawmakers have deferred the controversial vacation rental bill that would have made it law for out-of-state vacation rental owners to use a local rental managers.

Two controversial bills, SB 2089 and HB 1705, would require non-resident vacation rental owners to hire local property managers.

Half way into the current 2012 fiscal year, statewide general fund tax collections are up by 16.0% compared with the 2011 fiscal year.

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.

Yesterday, at their quarterly meeting, the Council on Revenues (COR) projected an increase in tax revenue collections for current and upcoming fiscal years.

As noted by the Department of Taxation, despite an improvement and an increase in state tax collections throughout the month of October, tax collections were still approximately six percent lower than they were a year ago at this time. This is an ominous sign that does not bode well for the state of Hawaii. It […]