DOTAX NEWS RELEASE: May 2017 Preliminary Comparative Statement

Posted on Jun 14, 2017 in Latest News
PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES
MAY 2017
(Dollars in Thousands)
    CUMULATIVE TOTALS DIFFERENCE
  MAY 2017 2016-2017 2015-2016 AMOUNT % CHANGE
GE/Use Taxes $272,715 $2,969,328 $2,936,668 32,660 1.1%
Income Tax – Corp. 11,820 52,227 67,461 (15,233) -22.6%
Decl. Est. Taxes 11,990 144,072 134,474    
Payment w/returns 963 27,852 37,645    
Refunds (1,133) (119,697) (104,659)    
Income Tax – Ind. 238,860 1,958,032 1,932,154 25,878 1.3%
Decl. Est. Taxes 50,814 436,044 486,539    
Payment w/returns 63,607 175,095 181,357    
WH Tax on Wages 154,531 1,762,443 1,648,892    
Refunds (30,092) (415,515) (384,603)    
Special Fund 0 (35) (32)    
Trans. Accom. Tax 43,798 473,230 411,882 61,349 14.9%
Convention Ctr. Enterprise Fund (2,208) (24,292) (24,292)    
Tourism Special Fund (6,833) (75,167) (75,167)    
Turtle Bay Conservation Fund (125) (1,375) (1,375)    
Land & Development  Fund (250) (2,750) 0    
County Fund (8,583) (94,417) (94,417)    
SUB-TOTAL 25,798 275,230 216,632 58,599  
All Others 42,834 463,015 473,520 (10,504) -2.2%
TOTAL GENERAL FUND $592,027 $5,717,833 $5,626,434 $91,399 1.6%
Note:  General Fund allocations are in bold print.

 

Eleven months into fiscal year (FY) 2017, the cumulative general fund tax deposits are up by 1.6% compared with the same period in FY 2016.  General excise and use tax (GET) collections, the largest single category of tax collections, were $272.7 million in May.  For FY 2017, cumulative collections of the GET are up by 1.1% compared to the previous fiscal year. Individual income tax collections were $238.9 million in May.  Cumulative collections of the tax are up by 1.3% from last fiscal year. Transient accommodations tax (TAT) collections were $43.8 million for the month.  Compared to FY 2016, TAT collections are up by 14.9%.

 

Media Contact:

Mallory Fujitani

Public Information Officer

(808) 587-1481

mallory.c.fujitani@hawaii.gov

www.tax.hawaii.gov