Hawaii General Fund Tax Revenue Forecast
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General Fund tax revenues (1.8%) in FY
2014 was adversely impacted by certain
factors.
In FY 2014, the State's General Fund tax revenues were $5.37
billion, down by 1.8% from the previous year.
Total personal income in Hawaii grew by 2.9%, but
- General Excise Tax (GET) collections fell by 2.2% and owing to
a special GET allocation of $55.5 million to the Hawaii
Hurricane Relief Fund, the GET allocated to the General Fund
fell by 4.1%.
- Collections of the Individual Income Tax rose by only 0.6%.
Tax law changes (e.g., Act 105) and the special GET allocation
reduced General Fund tax revenues in FY 2014 compared to FY
2013.
Without the tax law changes or the special GET allocation, the
General Fund tax revenues might well have grown slightly in FY
2014.View entire presentation