| Business is UP! - 11/20/2004
State Tax reciepts setting records over last year! Total state tax receipts for the current budget year topped $1.2 billion in October and are now running 11 percent above year-before levels, Hawaii state Tax Director Kurt Kawafuchi said Thursday. October receipts, more than $266 million, were down more than $6 million from the same month last year, a 2.3 percent decline, but that still left the state in better shape than it was at the same time in 2003. "Although the economy remains strong, general excise and use tax collections decreased by 9.8 percent, or $15 million," Kawafuchi said. "The end of October 2004 fell on Sunday, thus pushing a portion of October 2004 revenue collections into November." Weekend sales taxes are booked on the following Monday, so the vagaries of the calendar move some revenue into this month even though the actual sales were made last month. Hotel tax revenues also fell 3.7 percent because of this. "Hawaii's robust job market helped grow net deposits from the individual income tax by 6.4 percent in October," Kawafuchi said. "For the first four months of the current fiscal year, net individual income tax collections reported a 15.5 percent gain." Net corporate income taxes have more than doubled for the first four months of the fiscal year. Year-to-date increases in various state tax collections, compared to the same four months of the previous fiscal year: General excise and use taxes, up 4.9 percent to $657.4 million. Corporate income tax, up 106 percent, to $18.9 million. Individual income tax, up 15.5 percent, to $432.4 million. Hotel tax, up 10.2 percent, to $65.7 million. All others, up 27.3 percent, to $104.1 million. Total general fund, up 11.1 percent, to $1.21 billion.
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