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Friday, November 2, 2012
UHERO: Renewable Energy Tax Credit is Significant Weight on State Budget
By News Release @ 11:08 PM :: 4830 Views :: Energy, Environment

UHERO State Forecast Update: Tourism Shines, Construction Clouds Lifting

News Release from UHERO, November 2, 2012

Hawaii’s tourism juggernaut powers onward, but growth elsewhere remains elusive. Broader—and a bit stronger—expansion is in the pipeline.

A summary of this forecast is available as a service to the public. For more detailed analysis, subscribe to UHERO's Forecast Project.

Link: Tourism Shines, Construction Clouds Lifting

Best Quote: The renewable energy tax credit has turned out to be a significant weight on the state government budget. The Hawaii Department of Business Economic Development & Tourism (DBEDT) estimates renewable energy tax credits will amount to $174 million for tax year 2012; the State Council on Revenues estimates that this figure will grow by $90 million in FY2013. Largely as a result of this, the Council lowered its revenue forecast at its September meeting by 0.4 percentage points to 4.9%. Growth rates for FY2014-2019 were also revised downward.

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