DOTAX NEWS RELEASE: July 2016 Preliminary Comparative Statement

Posted on Aug 11, 2016 in Latest News
PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES
JULY 2016
(Dollars in thousands)
    CUMULATIVE TOTALS DIFFERENCE
  JUL 2016 2016-2017 2015-2016 AMOUNT % CHANGE
GE/Use Taxes $252,459 $252,459 $253,971 (1,512) -0.6%
Income Tax – Corp. 3,211 3,211 8,849 (5,638) -63.7%
Decl. Est. Taxes 5,880 5,880 9,231    
Payment w/returns 55 55 708    
Refunds (2,725) (2,725) (1,091)    
Income Tax – Ind. 148,432 148,432 152,686 (4,254) -2.8%
Decl. Est. Taxes 5,204 5,204 26,730    
Payment w/returns 3,022 3,022 3,224    
WH Tax on Wages 150,834 150,834 148,725    
Refunds (10,628) (10,628) (25,992)    
Special Fund 0 0 0    
Trans. Accom. Tax 40,679 40,679 35,935 4,744 13.2%
Convention Ctr. Enterprise Fund (2,208) (2,208) (2,208)    
Tourism Special Fund (6,833) (6,833) (6,833)    
Turtle Bay Conservation Fund (125) (125) (125)    
Land & Development  Fund (250) (250) 0    
County Fund (8,583) (8,583) (8,583)    
SUB-TOTAL 22,679 22,679 18,185 4,494 24.7%
All Others 37,269 37,269 40,598 (3,329) -8.2%
TOTAL GENERAL FUND $464,049 $464,049 $474,289 ($10,240) -2.2%
Note:  General Fund allocations are in bold print.        

 

One month into fiscal year (FY) 2017, the cumulative general fund tax deposits are down by 2.2% compared with the same period in FY 2016.  General excise and use tax collections, the largest single category of tax collections, were $252.5 million in July, down by 0.6% compared to last July.  Individual income tax collections were $148.4 million in July, down by 2.8% from last July. Transient accommodations tax collections were $40.7 million for the month, up by 13.2% from last July.

Media Contact:

Mallory Fujitani

Public Information Officer

(808) 587-1481

mallory.c.fujitani@hawaii.gov

www.tax.hawaii.gov