Economists reduce Hawaii tax collection forecast Economists reduce Hawaii tax collection forecast ADVERTISING HONOLULU (AP) — The state Council on Revenues has reduced its forecast for Hawaii’s tax collections by about $110 million for fiscal year 2013. The panel of
Economists reduce Hawaii tax collection forecast
HONOLULU (AP) — The state Council on Revenues has reduced its forecast for Hawaii’s tax collections by about $110 million for fiscal year 2013.
The panel of economists on Tuesday kept a 12 percent growth forecast for the fiscal year that ends June 30.
The Honolulu Star-Advertiser (http://bit.ly/L3kh25 ) reports that the reduced revenue projection to 5.3 percent growth for next fiscal year will prompt Gov. Neil Abercrombie’s administration to scale back spending.
Council members in March upgraded their forecast for the current fiscal year to 12 percent, up from 11.5 percent, saying the economy appears to have recovered.
State Budget Director Kalbert Young says the administration will likely delay filling jobs, at least for the next three months.
The council cites tax exemptions and tax credits uncertainty as reasons for the downgraded forecast.
