C. Tax Revenues

3rd Quarter 2017 Report

Download Tax Data Tables (spreadsheet)

The State general fund tax revenues increased in the second quarter of 2017 compared to the same quarter of 2016.  The GET increased the most in the quarter in dollar terms, followed by the Net Individual Income Tax, the Transient Accommodations Tax (TAT), and the Net Corporate Income Tax.

In the second quarter of 2017, total tax collections distributed to the State general fund totaled $1,694.8 million, an increase of $29.5 million or 1.8 percent over the same quarter of 2016 (Tables C-1 and C-2).  In the first half of 2017, State general fund tax revenues were up $101.0 million or 3.2 percent over the same period of the previous year.

During the second quarter of 2017, GET revenues (excluding the Honolulu County Surcharge) totaled $822.2 million, an increase of $19.9 million or 2.5 percent over the same quarter of 2016 (Table C-3). In the first half of 2017, GET revenues increased $33.5 million or 2.1 percent from the same period of the previous year.

Compared to the second quarter of 2016, Net Individual Income Tax revenues increased $14.1 million or 2.3 percent to $616.0 million in the second quarter of 2017 (Table C-4). In the second quarter of 2017, Declaration of Estimated Taxes decreased $47.6 million or 19.5 percent (Table C-5), Payments with Returns decreased $14.7 million or 11.7 percent (Table C-6), Revenues from Withholding Tax on Wages increased $5.5 million or 1.2 percent (Table C-7), and Refunds decreased $71.0 million or 31.1 percent (Table C-8).  In the first half of 2017, Net Individual Income Tax collections increased $74.4 million or 6.8 percent from the same period of the previous year.

Net Corporate Income Tax revenues, which tend to be volatile in nature, increased $1.7 million or 3.3 percent to $53.3 million in the second quarter of 2017 compared to the same quarter of 2016 (Table C-9).  In the second quarter of 2017, the Declaration of Estimated Taxes decreased $3.0 million or 5.3 percent (Table C-10), the Payment with Returns decreased $2.0 million or 25.6 percent (Table  C-11), and the Refunds decreased $6.7 million or 50.7 percent (Table  C-12), compared with the same quarter of 2016.  In the first half of 2017, Net Corporate Income Tax revenues decreased $12.9 million or 37.7 percent from the same period of the previous year.

In the second quarter of 2017, Transient Accommodations Tax (TAT) revenues increased $8.0 million or 7.1 percent compared to the same quarter of 2016 (Table C-13).  In the first half of 2017, TAT revenues increased $23.8 million or 10.1 percent from the same period of the previous year.


¹ When interpreting tax figures in conjunction with other quarterly data in this report, it should be kept in mind that the tax data represent collections during the quarter. The transactions on which the taxes were paid did not necessarily take place during the quarter.