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

Posted on Nov 13, 2018 in Latest News

 

PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES
October 2018
(Dollars in Thousands)
    CUMULATIVE TOTALS DIFFERENCE
  Oct 2018 2018-2019 2017-2018 AMOUNT % CHANGE
GE/Use Taxes $288,687 $1,169,048 $1,177,330 (8,283) -0.7%
Income Tax – Corp. 14,679 36,867 34,683 2,184 6.3%
Decl. Est. Taxes 14,516 62,687 47,638    
Payment w/returns 1,184 10,162 6,236    
Refunds (1,021) (35,982) (19,191)    
Income Tax – Ind. 202,696 781,998 695,876 86,122 12.4%
Decl. Est. Taxes 29,358 143,686 169,960    
Payment w/returns 22,964 46,715 35,667    
WH Tax on Wages 187,685 695,132 610,868    
Refunds (37,311) (103,535) (120,618)    
Special Fund 0 0 0    
Trans. Accom. Tax 45,543 203,080 173,957 29,123 16.7%
Convention Ctr. Enterprise Fund (1,375) (5,500) (8,833)    
Tourism Special Fund (6,583) (26,333) (27,333)    
Turtle Bay Conservation Fund (125) (500) (500)    
Land & Development  Fund (250) (1,000) (1,000)    
County Fund (8,583) (34,333) (34,333)    
Mass Transit Fund (4,335) (19,256) 0    
SUB-TOTAL 24,291 116,158 101,957 14,201  
All Others 38,769 162,796 173,720 (10,924) -6.3%
TOTAL GENERAL FUND $569,122 $2,266,866 $2,183,566 $83,300 3.8%
Note:  General Fund allocations are in bold print.

Four months into fiscal year (FY) 2019, the cumulative general fund tax deposits are up by 3.8% compared with the same period in FY 2018.  General excise and use tax (GET) collections, the largest single category of tax collections, were $288.7 million in October.  For FY 2019, cumulative collections of the GET are down by 0.7% from last fiscal year. Individual income tax (IIT) collections were $202.7 million in October.  Cumulative collections of the IIT are up by 12.4% from last fiscal year. Transient accommodations tax (TAT) collections were $45.5 million in October. Cumulative collections of the TAT are up by 16.7% 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