C. Tax Revenues

2nd Quarter 2020 Report

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The State general fund tax revenues increased in the first quarter of 2020 compared to the same quarter of 2019.1 The GET increased the most; followed by the Net Individual Income Tax, and Transient Accommodations Tax (TAT). The Net Corporate Income Tax decreased in the quarter.

In the first quarter of 2020, total tax collections distributed to the State general fund totaled $1,791.0 million, an increase of $102.9 million or 6.1 percent over the same quarter of 2019 (Tables C-1 and C-2). In 2020, State general fund tax revenues were up $383.5 million or 5.5 percent over the previous year.

During the first quarter of 2020, GET revenues (excluding the Honolulu County Surcharge) totaled $971.3 million, an increase of $54.9 million or 6.0 percent over the same quarter of 2019 (Table C-3). In 2020, GET revenues increased $175.7 million or 5.1 percent from the previous year.

Compared to the first quarter of 2019, Net Individual Income Tax revenues increased $35.8 million or 6.8 percent to $560.1 million in the first quarter of 2020 (Table C-4). In the first quarter of 2020, Declaration of Estimated Taxes increased $59.9 million or 42.6 percent (Table C-5), Payments with Returns increased $3.1 million or 7.9 percent (Table C-6), Revenues from Withholding Tax on Wages increased $24.3 million or 4.4 percent (Table C-7), and Refunds increased $51.4 million or 25.4 percent (Table C-8). In 2020, Net Individual Income Tax collections increased $147.9 million or 5.8 percent from the previous year.

Net Corporate Income Tax revenues, which tend to be volatile by nature, decreased $42.4 million or 242.4 percent in the first quarter of 2020 from the same quarter of 2019 (Table C-9). In the first quarter of 2020, the Declaration of Estimated Taxes decreased $6.7 million or 15.2 percent (Table C-10), the Payment with Returns declined $2.8 million or 55.1 percent (Table C-11), and the Refunds increased $32.8 million or 102.6 percent (Table C-12), compared with the same quarter of 2019. In 2020, Net Corporate Income Tax revenues increased $22.9 million or 20.0 percent from the previous year.

In the first quarter of 2020, Transient Accommodations Tax (TAT) revenues increased $30.0 million or 17.9 percent compared to the same quarter of 2019 (Table C-13). In 2020, TAT revenues increased $45.6 million or 7.7 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.