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The Honolulu Advertiser
Posted on: Friday, June 16, 2006

State sees record tax collections of $521.9 million

Associated Press

The state took in a record $521.9 million in general fund tax collections in May, the Department of Taxation reported Wednesday.

The previous monthly record of $435.6 million was set in January.

With only June remaining in the current fiscal year, general fund deposits are up 11.2 percent over the first 11 months of the previous fiscal year, state officials said.

The greatest single category of collections — general excise and use taxes — amounted to $223.1 million last month, boosting the year-to-date take by 9.5 percent, the officials said.

The first 11 months of the current fiscal year also saw a 10.8 percent increase in transient accommodations tax collections thanks, in part, to $23.7 million taken in during May.

Meanwhile, individual income tax collections amounted to $234.5 million in May, increasing the year-to-date take by 14.4 percent.

Corporate income tax collections are up 62.2 percent for the first 11 months of the fiscal year, mainly because of a large one-time payment in September, the department said.