DEPARTMENT OF TAXATION NEWS RELEASE: PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES October 2020

Posted on Nov 11, 2020 in Latest News, Newsroom

(Dollars in Thousands)

    CUMULATIVE TOTALS DIFFERENCE
  Oct 2020 2020-2021 2019-2020 AMOUNT %CHANGE
GE/Use Taxes $221,869 $912,701 $1,219,216 (306,515) -25.1%
Income Tax – Corp. 6,915 50,625 37,835 12,790 33.8%
Decl. Est. Taxes 10,025 71,585 61,239    
Payment w/returns 1,617 12,012 4,297    
Refunds (4,726) (32,971) (27,701)    
Income Tax – Ind. 191,431 1,107,095 888,044 219,051 24.7%
Decl. Est. Taxes 27,615 388,959 196,293    
Payment w/returns 29,980 166,275 59,238    
WH Tax on Wages 173,281 695,254 725,621    
Refunds (39,445) (143,393) (93,108)    
Special Fund 0 0 0    
Trans. Accom. Tax 3,266 16,208 225,424 (209,216) -92.8%
Convention Ctr. Enterprise Fund 0 0 (5,500)    
Tourism Special Fund 0 0 (26,333)    
Turtle Bay Conservation Fund 0 0 (500)    
Land & Development Fund 0 0 (1,000)    
County Fund 0 0 (34,333)    
Mass Transit Fund (335) (1,556) (21,841)    
SUB-TOTAL 2,931 14,652 135,916 (121,264)  
All Others 57,205 188,649 190,539 (1,891) -1.0%
Collected by DOTAX 30,922 118,070 118,850    
Collected by Other Departments* 26,283 70,578 71,689    
TOTAL GENERAL FUND $480,351 $2,273,722 $2,471,551 ($197,829) -8.0%
Note: General Fund allocations are in bold print.
*Includes Conveyance Tax and Insurance Premium Tax.  

 

For October 2020, the fourth month of fiscal year (FY) 2021, the cumulative General Fund tax deposits are down by 8.0% compared with the same period in FY 2020. General Excise and Use Tax (GET) collections, the largest single category of tax collections, were $221.9 million in October. For FY 2021, cumulative collections of the GET are down by 25.1% from last fiscal year. Individual Income Tax (IIT) collections were $191.4 million for October. Cumulative collections of the IIT are up by 24.7% from last fiscal year. Transient Accommodations Tax (TAT) collections were $3.3 million for October. Cumulative collections of the TAT are down by 92.8% from last fiscal year.

This report includes income tax payments for Calendar Year 2019 that were paid in July 2020 instead of April 2020. If the payments were removed from FY2021 figures, corporate income tax collections would be down by 36.8%, IIT collections would be down 7.0%, and General Fund collections would be down 20.5% in FY2021 compared to the same period from the last fiscal year.

Contact: 

Alika Ke-Paloma 

(808) 587-1540

[email protected] 

www.tax.hawaii.gov