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Tuesday, December 24, 2024

Hawaii's income tax revenue up 20.9% in year since Q2 2021

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Hawaii collected $1.4 billion in individual income taxes during the second quarter of 2022, a 20.9% increase over the same period the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the second quarter of 2021, $1.2 billion was collected.

Individual income taxes are based on net personal income and taxes imposed on such income as 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 state governments.

Overall, Hawaii collected $3.2 billion in combined tax revenues in the second quarter of 2022.

Q2 Hawaii Tax Collections

Type of TaxAmount (in millions of dollars)
Sales and Gross Receipts Taxes$1,515
License Taxes$89
Income Taxes$1,575
Other Taxes$63

Source: U.S. Census Bureau

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