C. Tax Revenues

4th Quarter 2022 Report

Download Tax Data Tables (spreadsheet)

The State general fund tax revenues increased in the third quarter of 2022 compared to the same quarter of 2021.1 Among the components shown, the Transient Accommodations Tax (TAT) increased the most in percentage terms, followed by the Net Corporate Income Tax and the GET. Net Individual Income Tax revenues decreased.

In the third quarter of 2022, total tax collections distributed to the State general fund totaled $2,195.5 million, an increase of $22.8 million or 1.1 percent over the same quarter of 2021 (Tables C-1 and C-2). In the first three quarters of 2022, State general fund tax revenues increased $1,243.8 million or 20.1 percent over the same period of the previous year.

During the third quarter of 2022, GET revenues (excluding the Honolulu County Surcharge) totaled $1,123.3 million, an increase of $127.0 million or 12.8 percent over the same quarter of 2021 (Table C-3). In the first three quarters of 2022, GET revenues increased $532.6 million or 19.8 percent from the same period of the previous year.

Compared to the third quarter of 2021, Net Individual Income Tax revenues decreased $162.8 million or 20.1 percent to $646.6 million in the third quarter of 2022 (Table C-4). In the third quarter of 2022, Declaration of Estimated Taxes decreased $20.8 million or 8.1 percent (Table C-5), Payments with Returns decreased $2.4 million or 4.5 percent (Table C-6), Revenues from Withholding Tax on Wages increased $38.4 million or 6.7 percent (Table C-7), and Refunds increased $178.1 million or 231.5 percent (Table C-8). In the first three quarters of 2022, Net Individual Income Tax collections increased $242.6 million or 9.1 percent from the same period of the previous year.

Net Corporate Income Tax revenues, which tend to be volatile by nature, increased from $66.2 million in the third quarter of 2021 to $79.8 million in the third quarter of 2022, an increase of $13.6 million (Table C-9). In the third quarter of 2022, the Declaration of Estimated Taxes increased $0.1 million or 0.1 percent (Table C-10), the Payment with Returns decreased $3.3 million or 36.3 percent (Table C-11), and the Refunds decreased $16.8 million or 69.7 percent (Table C-12), compared with the same quarter of 2021. In the first three quarters of 2022, Net Corporate Income Tax revenues increased $33.4 million from $180.5 million in 2021 to $213.9 million in 2022 or 18.5 percent.

In the third quarter of 2022, Transient Accommodations Tax (TAT) revenues increased $41.2 million or 21.1 percent compared to the same quarter of 2021 (Table C-13). In the first three quarters of 2022, TAT revenues increased $271.5 million or 72.7 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.