DOTAX News Release: PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES June 2022Posted on Jul 12, 2022 in Latest Department News, Newsroom
|PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES|
|(Dollars in Thousands)|
|Income Tax – Corp.||47,190||255,621||186,347||69,275||37.2%|
|Decl. Est. Taxes||51,395||326,095||268,217|
|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|
|WH Tax on Wages||200,493||2,389,854||2,160,631|
|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)|
|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.
Public Information Office