Hawaii General Fund Tax Revenue Forecast
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Effects of legislation
The Council adopted specific adjustments recommended by the
Department of Taxation to reflect effects of tax law changes that
will change General Fund tax revenues in FY 2015 or later years
relative to their level in FY 2014, including the following:
Act 107, SLH 2014 reestablishes the Energy Systems Development
special fund. It also extends the $1.05 per barrel rate for the
Environmental Response Tax (which was set to expire at the end of
FY 2015) through FY 2030, as well as the allocations of the tax to
the General Fund. The effect on General Fund tax revenues is
estimated to be a loss of $2.6 million for FY 2015 and annual
revenue gains of $15.5 million for FY's 2016 through 2030.
Act 163, SLH 2014 increases allocations of the Conveyance Tax to
the Rental Housing Trust Fund from 30% to 50% beginning July
1, 2014. The annual General Fund revenue loss is estimated to be
$11.5 million per year beginning in FY 2015.View entire presentation