DOTAX News Release: PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES

Posted on Mar 8, 2021 in Main
(Dollars in Thousands)
CUMULATIVE TOTALS DIFFERENCE
Feb 2021 2020-2021 2019-2020 AMOUNT %CHANGE
GE/Use Taxes $245,537 $1,928,464 $2,461,924 (533,460) -21.7%
Income Tax – Corp. 1,413 82,851 46,075 36,775 79.8%
Decl. Est. Taxes 5,717 139,844 127,095
Payment w/returns 1,038 16,239 3,355
Refunds (5,341) (73,233) (84,375)
Income Tax – Ind. 133,873 1,975,076 1,715,370 259,706 15.1%
Decl. Est. Taxes 27,866 627,227 417,596
Payment w/returns 13,415 205,392 92,278
WH Tax on Wages 173,676 1,415,048 1,473,529
Refunds (81,083) (272,555) (268,021)
Special Fund 0 (36) (12)
Trans. Accom. Tax 16,988 73,465 455,063 (381,599) -83.9%
Convention Ctr. Enterprise Fund 0 0 (11,000)
Tourism Special Fund 0 0 (52,667)
Turtle Bay Conservation Fund 0 0 (1,000)
Land & Development Fund 0 0 (2,000)
County Fund 0 0 (68,667)
Mass Transit Fund (1,611) (6,962) (43,593)
SUB-TOTAL 15,377 66,502 276,137 (209,635)
All Others 1,224 299,288 377,096 (77,808) -20.6%
Collected by DOTAX** (15,899) 173,518 231,775
Collected by Other Departments* 17,123 125,770 145,320
TOTAL GENERAL FUND $397,424 $4,352,181 $4,876,602 ($524,421) -10.8%
Note: General Fund allocations are in bold print.
*Includes Conveyance Tax and Insurance Premium Tax.
**The negative amount is due to tax refunds, which exceeds tax collections.

 

For February 2021, the eighth month of fiscal year (FY) 2021, the cumulative General Fund tax deposits are down by 10.8% compared with the same period in FY 2020. General Excise and Use Tax (GET) collections are down by 21.7% from last fiscal year. Individual Income Tax (IIT) collections are up by 15.1% from last fiscal year. Transient Accommodations Tax (TAT) are down by 83.9% from last fiscal year.

This report includes $308.3 million of net income tax payments that were paid in July 2020 instead of April 2020 due to the shift in the 2019 tax filing deadline. This resulted in a shift of individual and corporate income collections from FY 2020 into FY 2021. If the shifted payments were removed from FY 2021 figures, FY 2021 corporate income tax collections would be $56.1 million, up by 21.9% from the previous year, and IIT collections would be $1,693.5 million, down 1.3% from the previous year, and General Fund collections would be $4,043.9 million, down 17.1% compared to the same period last fiscal year.