HONOLULU (AP) — Hawaii’s Council on Revenues is sharply increasing its tax revenue forecast for the state, citing rebounding spending by residents and a growing number of tourists visiting the islands.
The council estimates general fund tax revenue for the fiscal year ending June 30 will rise 5% compared to the previous 12 months. That’s up from a 2.5% decline estimated earlier.
Get Hawaii’s latest news sent to your inbox, click here to subscribe to News 2 You, a daily newsletter.
But revenue is still expected to come in below pre-pandemic levels.
Hawaii law requires lawmakers and the governor to base their budgets on the council’s predictions. It’s been a volatile year for Hawaii tax revenue since the coronavirus pandemic nearly shut down the tourism industry.