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Friday, June 8, 2018 |
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Tax Collections Soar for FY2018
By News Release @ 10:00 PM :: 4172 Views :: Hawaii Statistics, Taxes
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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) |
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CUMULATIVE TOTALS |
DIFFERENCE |
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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 |
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| Payment w/returns* |
(16,813) |
(31,688) |
28,231 |
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| Refunds |
(19,917) |
(85,971) |
(121,815) |
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| Income Tax – Ind. |
320,791 |
2,267,951 |
1,958,032 |
309,919 |
15.8% |
| Decl. Est. Taxes |
98,121 |
601,231 |
444,486 |
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| Payment w/returns |
65,380 |
212,496 |
175,156 |
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| WH Tax on Wages |
190,092 |
1,924,771 |
1,762,443 |
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| Refunds |
(32,802) |
(470,494) |
(424,018) |
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| Special Fund |
0 |
(53) |
(35) |
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| Trans. Accom. Tax |
51,855 |
510,744 |
473,230 |
37,513 |
7.9% |
| Convention Ctr. Enterprise Fund |
(2,208) |
(24,292) |
(24,292) |
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| Tourism Special Fund |
(6,833) |
(75,167) |
(75,167) |
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| Turtle Bay Conservation Fund |
(125) |
(1,375) |
(1,375) |
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| Land & Development Fund |
(250) |
(2,750) |
(2,750) |
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| County Fund |
(8,583) |
(94,417) |
(94,417) |
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| Mass Transit Fund |
(4,893) |
(19,077) |
0 |
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| SUB-TOTAL |
28,962 |
293,666 |
275,230 |
18,436 |
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| 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. |
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