Hawaii Tax Collections Could Best Forecast

With just two weeks remaining in the fiscal year, Hawaii tax collections are faring better than forecast by the Council on Revenues.

Total collections into the state's general fund are down 0.8 percent through May, compared to the same period last year, according to figures from the Hawaii Department of Taxation.

Tax Department Director Fred Pablo attributed the overall decline to delayed income tax refunds back in July 2010.

To his point, corporate and individual income tax collections were down 50.4 percent and 17 percent, respectively, through May compared to last year.

Meanwhile, general excise and use tax collections, the largest single category, were up 7.6 percent through May compared to last year. Transient Accommodations Tax collections were up 28.6 percent through May compared to last year.

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