Council on Revenues adjusts economic forecast, expecting a drop in tax collection hawaiipublicradio.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hawaiipublicradio.org Daily Mail and Mail on Sunday newspapers.
With more than 3,000 wildfire displaced residents on Maui still living in hotels, Gov. Josh Green says there are enough units available now through rental and direct lease programs that he expects to have the remaining residents transitioned out to longer-term solutions by July 1, 2024.
According to Seth Colby, Department of Taxation research and planning officer, outmigration since 2020 has resulted in the loss of $185 million in general excise taxes and state income taxes, or approximately $61.8 million per year. To place that amount into context, one percentage point of the Council on Revenues forecast, which determines how much can be spent on the state budget, represents approximately $100 million.