C. Tax Revenues

4th Quarter 2018 Report

Download Tax Data Tables (spreadsheet)

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

In the third quarter of 2018, total tax collections distributed to the State general fund totaled $1,697.8 million, an increase of $6.2 million or 0.4 percent over the same quarter of 2017 (Tables C-1 and C-2). In the first three quarters of 2018, State general fund tax revenues were up $317.3 million or 6.4 percent over the same period of the previous year.

During the third quarter of 2018, GET revenues (excluding the Honolulu County Surcharge) totaled $880.4 million, a decrease of $20.7 million or 2.3 percent over the same quarter of 2017 (Table C-3). In the first three quarters of 2018, GET revenues increased $25.1 million or 1.0 percent from the same period of the previous year.

Compared to the third quarter of 2017, Net Individual Income Tax revenues increased $67.5 million or 12.4 percent to $610.6 million in the third quarter of 2018 (Table C-4). In the third quarter of 2018, Declaration of Estimated Taxes decreased $67.9 million or 45.3 percent (Table C-5), Payments with Returns
increased $1.3 million or 6.7 percent (Table C-6), Revenues from Withholding Tax on Wages increased $77.2 million or 16.8 percent (Table C-7), and Refunds decreased $57.0 million or 65.8 percent (Table C-8). In the first three quarters of 2018, Net Individual Income Tax collections increased $274.1 million or 16.0 percent from the same period of the previous year.

Net Corporate Income Tax revenues, which tend to be volatile in nature, decreased from $32.1 million in the third quarter of 2017 to a negative $9.1 million in the third quarter of 2018 (Table C-9). In the third quarter of 2018, the Declaration of Estimated Taxes increased $4.8 million or 11.7 percent (Table C-10), the Payment with Returns decreased from $1.7 million to a negative $24.1 million (Table C-11), and the Refunds increased $20.3 million or 185.6 percent (Table C-12), compared with the same quarter of 2017. In the first three quarters of 2018, Net Corporate Income Tax revenues decreased $14.3 million or 26.8 percent from the same period of the previous year.

In the third quarter of 2018, Transient Accommodations Tax (TAT) revenues increased $22.2 million or 16.4 percent compared to the same quarter of 2017 (Table C-13). In the first three quarters of 2018, TAT revenues increased $72.2 million or 18.3 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.