DOTAX News Release: PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES June 2022

Posted on Jul 12, 2022 in Latest Department News, Newsroom
PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES
June 2022
(Dollars in Thousands)
CUMULATIVE TOTALS DIFFERENCE
Jun 2022 2021-2022 2020-2021 AMOUNT %CHANGE
GE/Use Taxes $340,952 $3,978,993 $3,054,356 924,637 30.3%
Income Tax – Corp. 47,190 255,621 186,347 69,275 37.2%
Decl. Est. Taxes 51,395 326,095 268,217    
Payment w/returns 1,529 47,425 28,756    
Refunds (5,733) (117,899) (110,627)    
Income Tax – Ind. 348,141 3,759,753 3,354,561 405,192 12.1%
Decl. Est. Taxes 179,332 1,463,473 1,258,695    
Payment w/returns 20,237 514,859 491,015    
WH Tax on Wages 200,493 2,389,854 2,160,631    
Refunds (51,832) (608,329) (555,651)    
Special Fund (90) (102) (129)    
Trans. Accom. Tax 61,657 730,922 209,087 521,835 249.6%
Turtle Bay Conservation Fund 0 (1,500) (1,500)    
Convention Ctr. Enterprise Fund 0 (11,000) (16,500)    
Tourism Emergency Special Fund 0 0 0    
Land & Development Fund 0 (3,000) 0    
Mass Transit Fund (5,945) (69,992) (19,935)    
Tourism Special Fund 0 0 (21,505)    
SUB-TOTAL 55,713 645,429 149,647 495,783  
All Others 64,185 715,718 505,351 210,367 41.6%
Collected by DOTAX 40,962 378,126 293,755    
Collected by Other Departments* 23,222 337,592 211,596    
TOTAL GENERAL FUND $856,180 $9,355,514 $7,250,261 $2,105,253 29.0%
Note: General Fund allocations are in bold print.
*Includes Conveyance Tax and Insurance Premium Tax.

For the 2022 fiscal year (FY), which ended on June 30, the cumulative General Fund tax deposits are up by 29.0% compared with the same period in FY 2021.General Excise and Use Tax (GET) collections, the largest single category of tax collections, are up 30.3% from last fiscal year. The collections of Individual Income Tax (IIT) are up 12.1% from last fiscal year. Transient Accommodations Tax (TAT) collections are up 249.6% from last fiscal year.

This report includes $308.3 million of net income tax payments in base year FY2021. The State deferred the 2019 tax filing deadline from April 2020 to July 2020 due to the pandemic, shifting individual and corporate income collections from FY2020 into FY2021.

If the shifted payments were removed from FY2021 figures, FY2022 corporate income tax collections would be up 60.1% from the previous year, IIT collections would be up 22.3% from the previous year, and General Fund tax collections would be up 34.8% compared to the same period last fiscal year.

 

Contact:
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www.tax.hawaii.gov