Hawaii General Fund Tax Revenue Forecast

• How the Council produces its forecasts The Tax Department asks Council members to provide certain forecasts for key economic variables that help determine General Fund tax revenues, such as construction, total personal income, inflation, and visitor arrivals. The Department enters the economic forecasts into econometric models to predict tax revenues over the budget period. The models also take account of things like tax law changes and collection lags. The Tax Department also provides information on the recent trends in tax collections and any issues of tax administration that might affect General Fund tax revenues, such as unusual delinquent tax collections or lags in processing of returns and payments.

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