Hawaii panel forecasts more tax revenue this fiscal year

Local News

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.

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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.

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