The state’s tax collections for the first quarter of fiscal 2015, which started July 1, are up 2.7 percent overall compared to the same period last year, according to a report the Hawaii Department of Taxation released Friday.
The tourism industry is doing particularly well, generating 8.7 percent more tax revenue than last year. The state collected $33.8 million in September and $106.8 million so far this year from the transient accommodations tax.
The General Excise Tax continues to pull in the bulk of the state’s operating money. The tax department reported $239.7 million in revenue from GET and use taxes last month, $754.5 million for the quarter. That’s up 8 percent over last year.
Collections are down significantly, 61 percent to be exact, for corporate income taxes. Individual income taxes are down just slightly.
In all, the state raised $1.35 billion during the first quarter of the fiscal year, $500 million in September alone.
The Hawaii State Capitol.
PF Bentley/Civil Beat
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