C. Tax Revenues

3rd Quarter 2019 Report

Download Tax Data Tables (spreadsheet)

The State general fund tax revenues increased in the second quarter of 2019 compared to the same quarter of 2018.1 The GET increased the most; followed by the Net Corporate Income Tax, and the Net Individual Income Tax. Only the Transient Accommodations Tax (TAT) decreased slightly in the quarter.

In the second quarter of 2019, total tax collections distributed to the State general fund totaled $2,098.9 million, an increase of $229.4 million or 12.3 percent over the same quarter of 2018 (Tables C-1 and C-2). In the first half of 2019, State general fund tax revenues were up $206.8 million or 5.8 percent over the same period of the previous year.

During the second quarter of 2019, GET revenues (excluding the Honolulu County Surcharge) totaled $898.4 million, an increase of $157.6 million or 21.3 percent over the same quarter of 2018 (Table C-3). In the first half of 2019, GET revenues increased $114.9 million or 6.8 percent from the same period of the previous year.

Compared to the second quarter of 2018, Net Individual Income Tax revenues increased $22.0 million or 2.5 percent to $887.6 million in the second quarter of 2019 (Table C-4). In the second quarter of 2019, Declaration of Estimated Taxes increased $120.7 million or 43.6 percent (Table C-5), Payments with Returns increased $30.0 million or 22.1 percent (Table C-6), Revenues from Withholding Tax on Wages decreased 120.2 million or 18.6 percent (Table C-7), and Refunds increased $8.3 million or 4.3 percent (Table C-8). In the first half of 2019, Net Individual Income Tax collections increased $32.8 million or 2.4 percent from the same period of the previous year.

Net Corporate Income Tax revenues, which tend to be volatile by nature, increased $46.5 million or 137.9 percent in the second quarter of 2019 from the same quarter of 2018 (Table C-9). In the second quarter of 2019, the Declaration of Estimated Taxes decreased $7.1 million or 7.3 percent (Table C-10), the Payment with Returns increased $30.3 million (Table C-11), and the Refunds decreased $23.2 million or 55.4 percent (Table C-12), compared with the same quarter of 2018. In the first half of 2019, Net Corporate Income Tax revenues increased $49.4 million or 102.4 percent from the same period of the previous year.

In the second quarter of 2019, Transient Accommodations Tax (TAT) revenues decreased $2.3 million or 1.5 percent compared to the same quarter of 2018 (Table C-13). In the first half of 2019, TAT revenues increased $8.5 million or 2.8 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.