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Fourth‑quarter spike and falling excise: lawmakers press revenue office on construction tax and military buildup collections
Summary
Committee members probed the Department of Finance and the Division of Revenue and Taxation over a fourth‑quarter revenue increase concentrated in income taxes and withering excise and hotel receipts; lawmakers sought detailed excise breakdowns and construction tax collection data tied to the military buildup on Tinian.
Lawmakers in a joint session of the House Ways and Means Committee and the Senate Fiscal Affairs Committee pressed the Department of Finance and the Division of Revenue and Taxation on Oct. 13 about mixed tax results that showed a strong fourth‑quarter income tax pick‑up alongside steep declines in excise and hotel receipts.
Secretary of Finance told the committee the cumulative fourth‑quarter report (attachment A to the governor’s letter) showed a significant income tax increase of about 24 percent in the income tax category. The secretary said the gains were concentrated in gross receipts and withholding from wages and salaries, and that a notable portion of the penalties and interest uptick reflected a bankruptcy settlement payment recorded in the…
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