DOTAX NEWS RELEASE: June 2017 preliminary comparative statement of State General Fund Tax Revenues

Posted on Jul 11, 2017 in Latest News

 

PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES

JUNE 2017

(Dollars in Thousands)

    CUMULATIVE TOTALS DIFFERENCE
  JUN 2017 2016-2017 2015-2016 AMOUNT % CHANGE
GE/Use Taxes $269,897 $3,239,225 $3,206,154 33,072 1.0%
Income Tax – Corp. 24,534 76,761 93,036 (16,275) -17.5%
Decl. Est. Taxes 25,260 171,071 160,563    
Payment w/returns 834 29,065 39,459    
Refunds (1,561) (123,375) (106,986)    
Income Tax – Ind. 234,309 2,192,341 2,116,392 75,949 3.6%
Decl. Est. Taxes 91,237 535,723 558,669    
Payment w/returns 15,921 191,078 199,026    
WH Tax on Wages 153,610 1,916,052 1,809,567    
Refunds (26,329) (450,347) (450,690)    
Special Fund (129) (164) (180)    
Trans. Accom. Tax 35,127 508,357 446,781 61,577 13.8%
Convention Ctr. Enterprise Fund (2,208) (26,500) (26,500)    
Tourism Special Fund (6,833) (82,000) (82,000)    
Turtle Bay Conservation Fund (125) (1,500) (1,500)    
Land & Development  Fund (250) (3,000) 0    
County Fund (8,583) (103,000) (103,000)    
SUB-TOTAL 17,127 292,357 233,781 58,577  
All Others 45,974 515,681 544,994 (29,312) -5.4%
TOTAL GENERAL FUND $591,841 $6,316,366 $6,194,356 $122,010 2.0%
Note:  General Fund allocations are in bold print.

The cumulative general fund tax deposits are up by 2.0% in FY 2017 compared with the same period in FY 2016.  General excise and use tax (GET) collections, the largest single category of tax collections, were $269.9 million in June.  For FY 2017, cumulative collections of the GET are up by 1.0% compared to the previous fiscal year. Individual income tax collections were $234.3 million in June.  Cumulative collections of the tax are up by 3.6% from last fiscal year. Transient accommodations tax (TAT) collections increased by $61.6 million compared to the previous year, a 13.8% increase.