US EditionHawaii’s tax revenue collection outlook is gloomy - Hawaii Tribune-Herald
- Hawaii's Council on Revenues lowered its general fund tax revenue growth forecast from 6.4% to 5% for the current fiscal year ending June 30, 2025, and expects a 2.25% decline in the next fiscal year.
- The anticipated revenue decline of 2.25% will reduce expected tax revenue by $226 million, impacting state budget planning.
- Council member Carl Bonham noted that declines in state tax revenue for Hawaii are unusual, last occurring during the COVID-19 pandemic and after the September 11 attacks.
- Hawaii House leaders are planning a special session to address the fallout from funding cuts, including how tariffs may impact the construction industry.
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Hawaii’s tax revenue collection outlook is gloomy
A gloomy new forecast is depressing the amount of state tax revenue Hawaii’s Legislature has available to finalize its budget for the next two fiscal years. The state Council on Revenues on Wednesday unanimously decided to drop its general fund tax revenue growth forecast to 5% from a prior 6.4% in the current fiscal year ending June 30 and expects such revenue to contract 2.25% in the fiscal year beginning July 1. A 2.25% revenue decline would …
·Hawaii, United States
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Total News Sources3
Leaning Left1Leaning Right0Center2Last UpdatedBias Distribution67% Center
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- 67% of the sources are Center
67% Center
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C 67%
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