MAY 2018 – PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES

Posted on Jun 8, 2018 in Latest News

 

 

PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES
MAY 2018
(Dollars in Thousands)
    CUMULATIVE TOTALS DIFFERENCE
  May 2018 2017-2018 2016-2017 AMOUNT % CHANGE
GE/Use Taxes $298,593 $3,128,170 $2,969,328 158,842 5.3%
Income Tax – Corp.* (22,343) 49,119 52,227 (3,108) -6.0%
Decl. Est. Taxes 14,387 166,778 145,810    
Payment w/returns* (16,813) (31,688) 28,231    
Refunds (19,917) (85,971) (121,815)    
Income Tax – Ind. 320,791 2,267,951 1,958,032 309,919 15.8%
Decl. Est. Taxes 98,121 601,231 444,486    
Payment w/returns 65,380 212,496 175,156    
WH Tax on Wages 190,092 1,924,771 1,762,443    
Refunds (32,802) (470,494) (424,018)    
Special Fund 0 (53) (35)    
Trans. Accom. Tax 51,855 510,744 473,230 37,513 7.9%
Convention Ctr. Enterprise Fund (2,208) (24,292) (24,292)    
Tourism Special Fund (6,833) (75,167) (75,167)    
Turtle Bay Conservation Fund (125) (1,375) (1,375)    
Land & Development  Fund (250) (2,750) (2,750)    
County Fund (8,583) (94,417) (94,417)    
Mass Transit Fund (4,893) (19,077) 0    
SUB-TOTAL 28,962 293,666 275,230 18,436  
All Others 44,159 473,019 469,707 3,311 0.7%
TOTAL GENERAL FUND $670,161 $6,211,925 $5,724,525 $487,400 8.5%
Note:  General Fund allocations are in bold print.
* The negative amount is due to tax refunds, which exceeds tax collections.

 

Eleven months into fiscal year (FY) 2018, the cumulative general fund tax deposits are up by 8.5% compared with the same period in FY 2017.  General excise and use tax (GET) collections, the largest single category of tax collections, were $298.6 million in May.  For FY 2018, cumulative collections of the GET are up by 5.3% compared to the previous fiscal year. Individual income tax collections were $320.8 million in May.  Cumulative collections of the tax are up by 15.8% from last fiscal year. Transient accommodations tax (TAT) collections were $51.9 million for the month.  Compared to the same period in FY 2017, TAT collections are up by 7.9%.

 

Contact:
Deborah Kwan
(808) 587-1540
tax.pio@hawaii.gov
www.tax.hawaii.gov