C. Tax Revenues

3rd Quarter 2021 Report

Download Tax Data Tables (spreadsheet)

The State general fund tax revenues increased in the second quarter of 2021 compared to the same quarter of 2020.1 Among the components shown in the tables, all components increased. The Net Corporate Income Tax increased the most, followed by the Individual Income Tax GET, and the Transient Accommodations Tax (TAT).

In the second quarter of 2021, total tax collections distributed to the State general fund totaled $2,394.2 million, an increase of $1,017.9 million or 74.0 percent over the same quarter of 2020 (Tables C-1 and C-2). In the first half of 2021, State general fund tax revenues increased $819.2 million or 25.9 percent over the same period of the previous year.

During the second quarter of 2021, GET revenues (excluding the Honolulu County Surcharge) totaled $896.6 million, an increase of $219.3 million or 32.4 percent over the same quarter of 2020 (Table C-3). In the first half of 2021, GET revenues increased $41.4 million or 2.5 percent from the same period of the previous year.

Compared to the second quarter of 2020, Net Individual Income Tax revenues increased $660.7 million or 125.1 percent to $1,188.9 million in the second quarter of 2021 (Table C-4). In the second quarter of 2021, Declaration of Estimated Taxes increased $447.3 million or 305.8 percent (Table C-5), Payments with Returns increased $172.4 million or 239.4 percent (Table C-6), Revenues from Withholding Tax on Wages increased $73.7 million or 15.4 percent (Table C-7), and Refunds increased $32.7 million or 19.4 percent (Table C-8). In the first half of 2021, Net Individual Income Tax collections increased $758.1 million or 69.7 percent from the same period of the previous year.

Net Corporate Income Tax revenues, which tend to be volatile by nature, changed from negative $6.2 million in the second quarter of 2020 to positive $115.8 million in the second quarter of 2021 (Table C-9). In the second quarter of 2021, the Declaration of Estimated Taxes increased $76.4 million or 202.1 percent (Table C-10), the Payment with Returns increased $6.9 million or 159.2 percent (Table C-11), and the Refunds declined from $48.3 million to $9.7 million (Table C-12), compared with the same quarter of 2020. In the first half of 2021, Net Corporate Income Tax revenues increased from negative $31.1 million in the first half of 2020 to positive $114.3 million.

In the second quarter of 2021, Transient Accommodations Tax (TAT) revenues increased $70.1 million or 147.6 percent compared to the same quarter of 2020 (Table C-13). In the first half of 2021, TAT revenues decreased $66.7 million or 27.3 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.