Hawaii General Fund Tax Revenue Forecast
Effects of legislation (Cont.)
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Act 174, SLH 2014 increases allocations of the Transient
Accommodations Tax to the counties from $93 million to $103
million for FY's 2015 and 2016. The General Fund revenue loss is
$10 million in each year.
Act 163 made permanent the GET exemption for certain expenses
paid by hotel operators and timeshare projects and removed the
cap on the aggregate amount of the exemptions that can be
claimed. The Act is estimated to reduce GET collections in FY's
2015 and beyond by about $7 million less than it did in FY 2014.
Act 62, SLH 2011, allocates GET revenues directly to the Hurricane
Relief Fund to replace amounts that were taken in prior years. The
Act reduces allocations to the General Fund by $55.5 million in each
of FY's 2014 and 2015.View entire presentation