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Hawaii State Revenue Increases by 12 Percent

Healthy gains in state revenue, including general excise and transient accommodation tax.
February 22, 2013

Hawaii State Revenue Increases by 12 Percent

By Mark Harbison

Buying a Maui Home

Despite continuous reports on economic progress on Maui and throughout the state of Hawaii, a few individuals remain skeptical as to the validity of the news, and those responsible for gathering data on things like Maui real estate information, business performance, personal income, etc. Here is some data that is harder to shrug off.

The state Department of Taxation has calculated a 12 percent increase in Hawaii revenues for the first seven months of the fiscal year, compared to the same period last year. Substantial changes like this one would be tough to exaggerate.

According to the report, Hawaii took in $3.15 billion between July and January, as opposed to the $2.8 billion in the same period last year. Revenue from general excise tax was up to $1.7 billion, which was an 11.3 percent increase, compared with the $1.5 billion of the same period last year.

What's really interesting is the revenue from Hawaii's hotel room and vacation rental tax, known as the transient accommodation tax. There was a 13.5 percent increase to $202 million from $177 million during the same period last year. This increase supports prior reports of the Hawaii visitor industry undergoing continual revitalization since the recession, and may relieve those who are interested in buying a Maui home for use as a vacation rental with possible use as a part time residence.

If you are in the market for Maui real estate, we specialize in the South Maui area, but we are very knowledgeable about the rest of the island, and would be happy to help you in those areas as well. You'll find our contact information at the bottom of the page if you need us. Mahalo!

Blogs for February 2013

Hawaii State Revenue Increases by 12 Percent

Posted on February 22, 2013
Hawaii State Revenue Increases by 12 Percent

By Mark Harbison

Despite continuous reports on economic progress on Maui and throughout the state of Hawaii, a few individuals remain skeptical as to the validity of the news, and those responsible for gathering data on things like Maui real estate information, business performance, personal… Continue Reading

New Andaz Maui at Wailea Resort

Posted on February 15, 2013
New Andaz Maui at Wailea Resort

By Mark Harbison

An exciting new South Maui development recently made the news, and it's the Andaz Maui at Wailea. This 15-acre luxury resort is scheduled to open this summer. They've been working on it for about a year, with a $90 million price tag, but… Continue Reading

Hawaii Unemployment and Bankruptcy Claims Fall in January

Posted on February 08, 2013
Hawaii Unemployment and Bankruptcy Claims Fall in January

By Mark Harbison

During the month of January, Hawaii unemployment claims fell by 20 percent and bankruptcy claims fell by 25 percent. These substantial changes are great news, especially the bankruptcies, which haven't been at such a low level since January of 2008, according… Continue Reading

Maui Heart Disease Fundraiser for Women

Posted on February 01, 2013
Maui Heart Disease Fundraiser for Women

By Mark​ Harbison

Are you passionate about fighting heart disease? It is still the leading cause of death in the U.S. so chances are good that your life has been influenced by it in some way or another. If you consider how fast technology is evolving… Continue Reading

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Mark A Harbison
R(B) (GRI) (CIPS) (TRC)

Mark@RealEstateMauiHawaii.com

(808) 283-3785

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