AUGUST 2018 PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES

Posted on Sep 12, 2018 in Latest News
PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES
August 2018
(Dollars in Thousands)
    CUMULATIVE TOTALS DIFFERENCE
  Aug 2018 2018-2019 2017-2018 AMOUNT % CHANGE
GE/Use Taxes $293,965 $598,484 $596,062 2,422 0.4%
Income Tax – Corp. 7,161 (16,739) 16,007 (32,746)     **
Decl. Est. Taxes 6,418 14,711 16,652    
Payment w/returns* 845 (11,737) 4,433    
Refunds (102) (19,713) (5,078)    
Income Tax – Ind. 179,238 367,766 333,295 34,472 10.3%
Decl. Est. Taxes 8,346 25,190 71,482    
Payment w/returns 5,528 12,187 11,387    
WH Tax on Wages 169,883 366,111 320,548    
Refunds (4,518) (35,721) (70,123)    
Special Fund 0 0 0    
Trans. Accom. Tax 53,346 109,901 97,057 12,845 13.2%
Convention Ctr. Enterprise Fund (1,375) (2,750) (4,417)    
Tourism Special Fund (6,583) (13,167) (13,667)    
Turtle Bay Conservation Fund (125) (250) (250)    
Land & Development  Fund (250) (500) (500)    
County Fund (8,583) (17,167) (15,500)    
Mass Transit Fund (5,116) (10,324) 0    
SUB-TOTAL 31,314 65,744 62,723 3,021  
All Others 40,712 82,207 80,307 1,900 2.4%
TOTAL GENERAL FUND $552,391 $1,097,462 $1,088,394 $9,068 0.8%
Note:  General Fund allocations are in bold print.
* The negative amount is due to tax refunds, which exceeds tax collections.

**The percentages are anomalies that, if reported, would be misleading or not meaningful.

Two months into fiscal year (FY) 2019, the cumulative general fund tax deposits are up by 0.8% compared with the same period in FY 2018. General excise and use tax (GET) collections, the largest single category of tax collections, were $294.0 million in August. For FY 2019, cumulative collections of the GET are up by 0.4% from last fiscal year. Individual income tax (IIT) collections were $179.2 million in August. Cumulative collections of the IIT are up by 10.3% from last fiscal year. Transient accommodations tax (TAT) collections were $53.3 million in August. Cumulative collections of the TAT are up by 13.2% from last fiscal year.