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Friday, November 22, 2024

Hawaii's income tax revenue down 23.4% since Q1

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Hawaii collected $657 million in individual income taxes during the first quarter of 2021, a 23.4 percent decrease from the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

The previous quarter’s income tax revenue was $858 million.

Individual income taxes are based on net personal income and taxes imposed on dividends, interest and income from intangibles.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Overall, Hawaii collected $2.2 billion in combined tax revenues in the previous quarter.

Q1 Hawaii Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,072
Income Taxes$651
License Taxes$77
Other Taxes$30
Source: U.S. Census Bureau

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