DECEMBER 2018: PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES

Posted on Jan 9, 2019 in Latest News

 

PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES
December 2018
(Dollars in Thousands)
    CUMULATIVE TOTALS DIFFERENCE
  Dec 2018 2018-2019 2017-2018 AMOUNT % CHANGE
GE/Use Taxes $280,398 $1,726,658 $1,695,700 30,959 1.8%
Income Tax – Corp. 23,593 65,998 43,515 22,483 51.7%
Decl. Est. Taxes 26,841 94,506 75,416    
Payment w/returns 1,351 15,120 7,041    
Refunds (4,600) (43,629) (38,942)    
Income Tax – Ind. 201,084 1,156,535 1,090,531 66,004 6.1%
Decl. Est. Taxes 27,064 186,480 237,870    
Payment w/returns 6,064 57,517 55,017    
WH Tax on Wages 175,101 1,030,225 957,407    
Refunds (7,111) (117,652) (159,709)    
Special Fund (35) (35) (53)    
Trans. Accom. Tax 39,376 282,619 245,714 36,906 15.0%
Convention Ctr. Enterprise Fund (1,375) (8,250) (13,250)    
Tourism Special Fund (6,583) (39,500) (41,000)    
Turtle Bay Conservation Fund (125) (750) (750)    
Land & Development  Fund (250) (1,500) (1,500)    
County Fund (8,583) (51,500) (51,500)    
Mass Transit Fund (3,847) (26,722) 0    
SUB-TOTAL 18,612 154,398 137,714 16,684  
All Others 42,470 250,851 248,261 2,590 1.0%
TOTAL GENERAL FUND $566,157 $3,354,440 $3,215,721 $138,719 4.3%
Note:  General Fund allocations are in bold print.

 

Six months into fiscal year (FY) 2019, the cumulative general fund tax deposits are up by 4.3% compared with the same period in FY 2018.  General excise and use tax (GET) collections, the largest single category of tax collections, were $280.4 million in December.  For FY 2019, cumulative collections of the GET are up by 1.8% from last fiscal year. Individual income tax (IIT) collections were $201.1 million in December.  Cumulative collections of the IIT are up by 6.1% from last fiscal year. Transient accommodations tax (TAT) collections were $39.4 million in December. Cumulative collections of the TAT are up by 15.0% from last fiscal year.

 

Deborah Kwan | State of Hawaii – Department of Taxation

830 Punchbowl Street, Rm 221, Honolulu, Hawaii 96813

(808) 587-1540 | http://tax.hawaii.gov