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The Honolulu Advertiser
Posted on: Friday, July 14, 2006

State tax revenues up 10.9 percent

Associated Press

The state took in $4.43 billion in taxes during the fiscal year that ended June 30, a 10.9 percent increase over the previous fiscal year, state officials said.

The 2006 fiscal year ended with $402.6 million being added to the state general fund in June, the Department of Taxation said Wednesday.

The single largest category of collections — general excise and use taxes — amounted to $218.1 million last month to boost the fiscal year take by 10.2 percent to $2.35 billion, department officials said.

June's $17.2 million in transient accommodations tax collections pushed the category's fiscal year take to $216.9 million, an increase of 9.2 percent over fiscal year 2005, they said.

The just-completed fiscal year saw $1.55 billion in personal income taxes collected for an increase of 12.2 percent, the tax department said. Corporate income tax collections rose 51.9 percent during the fiscal year to $130 million, mainly because of a large one-time payment in September, it said.