Hawaii tax revenues
rose 15.6% in October
State tax revenues for October were up 15.6 percent from the same month last year, and are now running 3.4 percent ahead of last fiscal year, according to figures released yesterday by the state Department of Taxation.
The state took in $272.7 million in tax revenues in October, an increase of $36.8 million, or 15.6 percent, from October 2002.
The Council on Revenues has projected a 6.2 percent increase in tax revenues for the full fiscal year, which ends June 30. Tax revenues will have to increase about 8 percent each month for the rest of the fiscal year to meet that goal.
Tax revenues for the first four months of the fiscal year total $1.09 billion, compared with $1.05 billion during the same period last year.
Deposits from general excise and use taxes, the state's largest revenue source, increased by $24.4 million, which pushed the fiscal year cumulative 4.1 percent ahead of last year, officials said.
Also contributing to the October gain was a $17.6 million increase in individual income tax deposits, a 21.3 percent increase for the month. Personal income tax revenues account for about one-third of total revenues.
