Wednesday, July 6, 2022
Hawai'i Free Press

Current Articles | Archives

Friday, June 8, 2018
Tax Collections Soar for FY2018
By News Release @ 10:00 PM :: 3301 Views :: Hawaii Statistics, Taxes

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

From DoTax, June 8, 2018

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%.

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.
Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

ACA Signups Hawaii

Alliance Defending Freedom

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Back da Blue Hawaii

Ballotpedia Hawaii

Better Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Advocates

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Life Alliance

Hawaii March for Life

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Mauna Kea Recreational Users Group

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT