DOTAX NEWS RELEASE: JULY 2018 PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES

Posted on Aug 8, 2018 in Latest News
PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES
JULY 2018
(Dollars in Thousands)
CUMULATIVE TOTALS DIFFERENCE
Jul 2018 2018-2019 2017-2018 AMOUNT % CHANGE
GE/Use Taxes $304,518 $304,518 $295,405 9,114 3.1%
Income Tax – Corp. (23,900) (23,900) 5,636 (29,537)     **
Decl. Est. Taxes 6,995 6,995 9,611
Payment w/returns* (13,368) (13,368) 1,399
Refunds (17,528) (17,528) (5,374)
Income Tax – Ind. 188,528 188,528 158,429 30,099 19.0%
Decl. Est. Taxes 1,432 1,432 53,780
Payment w/returns 5,565 5,565 5,063
WH Tax on Wages 196,227 196,227 147,076
Refunds (14,696) (14,696) (47,490)
Special Fund 0 0 0
Trans. Accom. Tax 56,555 56,555 50,378 6,177 12.3%
Convention Ctr. Enterprise Fund (1,375) (1,375) (2,208)
Tourism Special Fund (6,583) (6,583) (6,833)
Turtle Bay Conservation Fund (125) (125) (125)
Land & Development  Fund (250) (250) (250)
County Fund (8,583) (8,583) (7,750)
Mass Transit Fund (5,329) (5,329) 0
SUB-TOTAL 34,310 34,310 33,212 1,098
All Others 40,930 40,930 38,600 2,330 6.0%
TOTAL GENERAL FUND $544,386 $544,386 $531,282 $13,105 2.5%
Note:  General Fund allocations are in bold print.
* The negative amount is due to tax refunds, which exceeds tax collections.
**The percentages are anomalies that, if reported, would be misleading or unmeaningful.

 

One month into fiscal year (FY) 2019, the cumulative general fund tax deposits are up by 2.5% compared with the same period in FY 2018.  General excise and use tax (GET) collections, the largest single category of tax collections, were $304.5 million in July.  For FY 2019, cumulative collections of the GET are up by 3.1% from last fiscal year. Individual income tax (IIT) collections were $188.5 million in July.  Cumulative collections of the IIT are up by 19.0% from last fiscal year. Transient accommodations tax (TAT) collections were $56.6 million in July. Cumulative collections of the TAT are up by 12.3% from last fiscal year.

 

 

 

Deborah Kwan | State of Hawaii – Department of Taxation

830 Punchbowl Street, Rm 221, Honolulu, Hawaii 96813

(808) 587-1481 | deborah.kwan@hawaii.gov | http://tax.hawaii.gov