State tax income
up 10.3 percentSeptember's gain puts revenues
for the quarter near the level
seen for that period last year
State tax revenues last month were up 10.3 percent over September of last year, led by a 10.8 percent jump in general excise and use tax revenues, the Department of Taxation reported yesterday.
The surge in September puts the revenues through the first three months of the fiscal year at 0.1 percent below the first quarter take last year.
The important excise and use tax category, which accounts for about half of the state's general fund income and reflects Hawaii's business activity, are even with the same period last year, according to the preliminary figures.
The state's Council on Revenues last month projected tax revenues for the full fiscal year that started July 1 would grow by 6.2 percent over the previous fiscal year, meaning monthly revenues through the remaining three quarters of the fiscal year will have to grow an average 7.75 percent to reach that mark.
The revenues from personal income tax withholdings in September were up 5.2 percent, putting the cumulative growth in the first quarter at 3 percent. Personal income tax revenues account for about one-third of total revenues.
Corporate income taxes, currently representing about 10 percent of the total take, were up 148.4 percent in September and up 91.1 percent for the first quarter.
September's tax revenues totaled $331.3 million, putting the total for the first quarter at $819 million.
Although they don't go into the state's general fund, hotel room tax revenues in September totaled $19.4 million, a 4 percent increase from September 2002. However, for the first quarter, total revenues of $46.8 million trail last year's first-quarter take by 2.9 percent.
The counties share just under 45 percent of the hotel room tax revenues with the balance going for state tourism promotion and to pay off bonds and provide operating funds for the State Convention Center.
