State tax revenues got a boost of nearly 20 percent last month over September 2001 thanks in part to the "double weekend" effect, state Tax Director Marie Okamura reported yesterday. September state tax
revenue climbs 20%Associated Press
The total amount of tax revenue deposited in September was $300.5 million, $49 million, or 19.5 percent more than September of last year.
General excise and use taxes increased $57.3 million last month. Those taxes account for about half of the state's total general fund income.
The last day of August was over Labor Day weekend, which gave businesses until Sept. 3, the first working day, to pay their taxes for August. The result was that revenue was counted for September. Okamura last month blamed the weekend effect for the 16.9 percent decline in August's revenues.
Okamura said the increase means revenue for the current fiscal year that started July 1 is already up by 4 percent compared with the same period last year. From July to September, the state collected a total $820.3 million in general fund tax revenues, compared with $789 million in the same three-month period last year.
The state's Council in Revenues last month forecast 6.1 percent growth in tax revenues for the current fiscal year compared with the fiscal year that ended June 30.
Personal income tax revenues, which represent about one-third of the total, were down in September to $6.9 million, due to a $3.9 million decrease in declaration of estimated taxes, tax officials said.
State of Hawaii
