C. Tax Revenues

1st Quarter 2019 Report

Download Tax Data Tables (spreadsheet)

The State general fund tax revenues increased in the fourth quarter of 2018 compared to the same quarter of 2017.1 The Net Corporate Income Tax increased the most in the quarter in dollar terms, followed by the GET, Transient Accommodations Tax (TAT), and Net Individual Income Tax.

In the fourth quarter of 2018, total tax collections distributed to the State general fund totaled $1,657.1 million, an increase of $132.9 million or 8.7 percent over the same quarter of 2017 (Tables C-1 and C-2). In 2018, State general fund tax revenues were up $450.2 million or 6.9 percent over the previous year.

During the fourth quarter of 2018, GET revenues (excluding the Honolulu County Surcharge) totaled $846.3 million, an increase of $51.6 million or 6.5 percent over the same quarter of 2017 (Table C-3). In 2018, GET revenues increased $76.7 million or 2.3 percent from that of the previous year.

Compared to the fourth quarter of 2017, Net Individual Income Tax revenues increased $6.9 million or 1.2 percent to $577.2 million in the fourth quarter of 2018 (Table C-4). In the fourth quarter of 2018, Declaration of Estimated Taxes decreased $15.8 million or 17.9 percent (Table C-5), Payments with Returns
decreased $2.3 million or 6.3 percent (Table C-6), Revenues from Withholding Tax on Wages increased $7.2 million or 1.4 percent (Table C-7), and Refunds decreased $17.7 million or 25.6 percent (Table C-8). In 2018, Net Individual Income Tax collections increased $249.7 million or 10.9 percent from the previous year.

Net Corporate Income Tax revenues, which tend to be volatile by nature, increased from a negative $11.4 million in the fourth quarter of 2017 to a positive $43.8 million in the fourth quarter of 2018 (Table C-9). In the fourth quarter of 2018, the Declaration of Estimated Taxes increased $7.7 million or 19.8 percent (Table C-10), the Payment with Returns increased from a negative $18.0 million to a positive $6.1 million (Table C-11), and the Refunds decreased $23.4 million or 72.9 percent (Table C-12), compared with the same quarter of 2017. In 2018, Net Corporate Income Tax revenues increased $40.9 million or 97.0 percent from the previous year.

In the fourth quarter of 2018, Transient Accommodations Tax (TAT) revenues increased $14.7 million or 13.3 percent compared to the same quarter of 2017 (Table C-13). In 2018, TAT revenues increased $86.9 million or 17.2 percent from 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.