Tax News

CCH (cch.taxgroup.com) reports:

  Hawaii Gov. Linda Lingle has announced a balanced financial plan to close the latest projected $255 million revenue shortfall for the remainder of the current fiscal year (FY09) and the biennium fiscal years 2010 through 2011, without general tax increases to individuals or businesses. As with the two previous financial plans the governor submitted on December 22 (TAXDAY, 2008/12/24, S.6) and March 4 (TAXDAY, 2009/03/06, S.7), the administration's most current plan balances the budget without adding to Hawaii's unemployment with layoffs or furloughs of state employees, and without making further cuts to public services or programs. In addition, the governor's plan does not take any money from the counties, such as the Transient Accommodations Tax (TAT) or Honolulu County's general excise rail transit tax.

  The full text of the release can be accessed at
http://hawaii.gov/gov.

Release , Office of the Governor, March 25, 2009