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Wednesday, September 12, 2018 |
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July-Aug 2018: GE Tax Collections up 0.4%
By News Release @ 10:00 PM :: 3924 Views :: Hawaii Statistics, Taxes
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AUGUST 2018 PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES
News Release from DoTax, Sep 12, 2018
Two months into fiscal year (FY) 2019, the cumulative general fund tax deposits are up by 0.8% compared with the same period in FY 2018.
General excise and use tax (GET) collections, the largest single category of tax collections, were $294.0 million in August. For FY 2019, cumulative collections of the GET are up by 0.4% from last fiscal year.
Individual income tax (IIT) collections were $179.2 million in August. Cumulative collections of the IIT are up by 10.3% from last fiscal year.
Transient accommodations tax (TAT) collections were $53.3 million in August. Cumulative collections of the TAT are up by 13.2% from last fiscal year.
| PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES |
| Aug-18 |
| (Dollars in Thousands) |
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CUMULATIVE TOTALS |
DIFFERENCE |
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Aug-18 |
2018-2019 |
2017-2018 |
AMOUNT |
% CHANGE |
| GE/Use Taxes |
$293,965 |
$598,484 |
$596,062 |
2,422 |
0.40% |
| Income Tax – Corp. |
7,161 |
-16,739 |
16,007 |
-32,746 |
** |
| Decl. Est. Taxes |
6,418 |
14,711 |
16,652 |
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| Payment w/returns* |
845 |
-11,737 |
4,433 |
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| Refunds |
-102 |
-19,713 |
-5,078 |
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| Income Tax – Ind. |
179,238 |
367,766 |
333,295 |
34,472 |
10.30% |
| Decl. Est. Taxes |
8,346 |
25,190 |
71,482 |
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| Payment w/returns |
5,528 |
12,187 |
11,387 |
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| WH Tax on Wages |
169,883 |
366,111 |
320,548 |
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| Refunds |
-4,518 |
-35,721 |
-70,123 |
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| Special Fund |
0 |
0 |
0 |
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| Trans. Accom. Tax |
53,346 |
109,901 |
97,057 |
12,845 |
13.20% |
| Convention Ctr. Enterprise Fund |
-1,375 |
-2,750 |
-4,417 |
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| Tourism Special Fund |
-6,583 |
-13,167 |
-13,667 |
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| Turtle Bay Conservation Fund |
-125 |
-250 |
-250 |
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| Land & Development Fund |
-250 |
-500 |
-500 |
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| County Fund |
-8,583 |
-17,167 |
-15,500 |
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| Mass Transit Fund |
-5,116 |
-10,324 |
0 |
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| SUB-TOTAL |
31,314 |
65,744 |
62,723 |
3,021 |
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| All Others |
40,712 |
82,207 |
80,307 |
1,900 |
2.40% |
| TOTAL GENERAL FUND |
$552,391 |
$1,097,462 |
$1,088,394 |
$9,068 |
0.80% |
| Note: General Fund allocations are in bold print. |
| * The negative amount is due to tax refunds, which exceeds tax collections
**The percentages are anomalies that, if reported, would be misleading or not meaningful.
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