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Wednesday, February 10, 2021
FY2021: State Tax Receipts Down 16.4%
By News Release @ 3:07 AM :: 1756 Views :: Hawaii Statistics, Taxes

PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES

January, 2021

From DoTax, February 9, 2021

For January 2021, the seventh month of fiscal year (FY) 2021, the cumulative General Fund tax deposits are down by 9.4% compared with the same period in FY 2020. General Excise and Use Tax (GET) collections are down by 21.8% from last fiscal year. Individual Income Tax (IIT) collections are up by 13.6% from last fiscal year. Transient Accommodations Tax (TAT) are down by 85.6% from last fiscal year.

This report includes $308.3 million of net income tax payments that were paid in July 2020 instead of April 2020 due to the shift in the 2019 tax filing deadline. This resulted in a shift of individual and corporate income collections from FY 2020 into FY 2021. If the shifted payments were removed from FY 2021 figures, FY 2021 corporate income tax collections would be $54.7 million, up by 5.6% from the previous year, and IIT collections would be $1,559.6 million, down 3.7% from the previous year, and General Fund collections would be $3,654.0 million, down 16.4% compared to the same period last fiscal year….

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