MARCH 2018 PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES

Posted on Apr 11, 2018 in Latest News

PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES
MARCH 2018
(Dollars in Thousands)

    CUMULATIVE TOTALS DIFFERENCE
  Mar 2018 2017-2018 2016-2017 AMOUNT % CHANGE
GE/Use Taxes $283,305 $2,654,768 $2,416,996 237,772 9.8%
Income Tax – Corp. 5,457 35,304 23,463 11,841 50.5%
Decl. Est. Taxes 7,064 102,167 116,987    
Payment w/returns* (50) (16,691) 23,313    
Refunds (1,557) (50,172) (116,837)    
Income Tax – Ind. 112,963 1,626,615 1,576,406 50,209 3.2%
Decl. Est. Taxes 11,669 417,585 338,761    
Payment w/returns 15,640 83,838 79,653    
WH Tax on Wages 149,896 1,444,525 1,451,121    
Refunds (64,242) (319,279) (293,093)    
Special Fund 0 (53) (35)    
Trans. Accom. Tax 47,150 402,070 388,784 13,286 3.4%
Convention Ctr. Enterprise Fund (2,208) (19,875) (19,875)    
Tourism Special Fund (6,833) (61,500) (61,500)    
Turtle Bay Conservation Fund (125) (1,125) (1,125)    
Land & Development  Fund (250) (2,250) (2,250)    
County Fund (8,583) (77,250) (77,250)    
Mass Transit Fund (4,469) (8,886) 0    
SUB-TOTAL 24,681 231,183 226,784 4,400  
All Others 42,845 374,179 377,948 (3,770) -1.0%
TOTAL GENERAL FUND $469,251 $4,922,049 $4,621,597 $300,452 6.5%
Note:  General Fund allocations are in bold print.

Nine months into fiscal year (FY) 2018, the cumulative general fund tax deposits are up by 6.5% compared with the same period in FY 2017. General excise and use tax (GET) collections, the largest single category of tax collections, were $283.3 million in March. For FY 2018, cumulative collections of the GET are up by 9.8% compared to the previous fiscal year. Individual income tax collections were $113.0 million in March. Cumulative collections of the tax are up by 3.2% from last fiscal year. Transient accommodations tax (TAT) collections were $47.2 million for the month. Compared to the same period in FY 2017, TAT collections are up by 3.4%.

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Deborah Kwan | State of Hawaii – Department of Taxation
830 Punchbowl Street, Rm 221, Honolulu, Hawaii 96813
(808) 587-1481 | deborah.kwan@hawaii.gov | http://tax.hawaii.gov