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The Honolulu Advertiser
Updated at 8:29 p.m., Thursday, August 14, 2008

Hawaii tax revenues down in July

Associated Press

The state collected $367 million in general fund revenue in July.

The Department of Taxation reports that's a decrease of around $31 million, or 7.8 percent, from the same month last year.

The department said Thursday that the decrease primarily resulted from a $39 million drop in general excise and use taxes. Officials explain June 30, 2007, fell on a Sunday and taxes normally due that day were paid instead on July 1, 2007.

Transit accommodations tax collections decreased by $500,000, for the same reason.

Officials say general fund deposits from corporate income tax dropped by $1 million while net individual income tax increased close to $13 million, or 11.7 percent, mainly due to a 13 percent increase in withholding on wages.