FY07 Hawaii tax collections up 3.4%

Hawaii ended its 2007 fiscal year with 3.4 percent more tax revenue collected than in the previous year, totalling $4.58 billion.

General excise and use tax collections for fiscal 2007 rose 8.5 percent increase to $2.56 billion. Individual income tax payments rose 0.6 percent

Corporate income tax collections, however, were down 37 percent for the same period. Tax Department Director Kurt Kawafuchi said the drop was due mainly to a one-time payment of $40 million made in fiscal 2006.

Tax revenues for June, meanwhile, were $420 million, up 4.2 percent over June 2006.

Collections from the transient accommodations tax were $17.8 million in June, up from $17.1 million in June 2006.

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