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Friday, June 08, 2018
Tax Collections Soar for FY2018
By News Release @ 10:00 PM :: 1495 Views :: Hawaii Statistics, Taxes


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%.

MAY 2018
(Dollars in Thousands)
  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.

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