Hawaii Tax Collections Are Projected To Top $8 Billion For The First Time Ever … Latest projections are that the economic rebound will provide lawmakers with an extra $890 million to spend beyond what Ige budgeted.
Hawaii tax collections are expected to top $8 billion for the first time ever this fiscal year, taking state finances from a dire, doom-and-gloom scenario just a year ago to a huge surplus.
The state Council on Revenues, a panel of economists tasked with projecting tax collections each year, expects state tax revenue to soar by 15% this year, which would take total collections from about $7.25 billion in the fiscal year that ended on June 30 to more than $8.3 billion this fiscal year.
The council on Thursday also increased its projection for growth in tax collections from 4% to 6.9% for the following fiscal year that begins July 1. If that proves to be correct, total tax collections for next year will surge to about $8.6 billion.
