State Tax Collections Up
By Sonia Isotov
The Hawaii Department of Taxation announced yesterday that total general fund deposits are up by 47.9% for July and August, compared with the same period a year ago.
If the $187.4 million accrued refunds that were released in July 2010 are factored out, general fund deposits would increase by 9.0%, according to a statement released by Fred Pablo, Director, Hawaii State Department of Taxation.
In other tax categories, general excise and use taxes, the largest single category of collections, were $214.9 million in August. Cumulative totals for general excise and use taxes for the 2012 fiscal year so far are up 9% over the previous year.
Transient Accommodations Tax (TAT) collections were $26.9 million for the month of August and compared to the 2011 fiscal year, cumulative TAT collections for the year are up by 24.4% over last year.
Individual tax collections were up 666.6%, however this abnormally high figure is due to an accounting distortion by delayed payments in the previous fiscal year. Corporate tax collections jumped 85% for the cumulative two-month 2012 fiscal period compared to 2011 fiscal period.