State tax coffers up
HONOLULU (AP) — Tax collections in Hawaii were up by about 5 percent last year, a report said.
The state Department of Taxation sent the annual report in December to Democratic Gov. David Ige and the state Legislature, Hawaii Tribune-Herald reports.
The report showed that $8.2 billion was collected in fiscal year 2019, which ended June 30, compared to $7.9 billion collected the year prior.
Revenue from the general excise tax and income tax accounted for most of the increase, department officials said.
“General excise tax is Hawaii’s largest source of revenue, accounting for 43 percent of the state’s total tax collections,” taxation director Rona M. Suzuki said in a statement to Ige.
The second largest tax is the income tax which generated a 17 percent increase in revenue this year with more than $2.5 billion collected, Suzuki said.