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Sunday, December 22, 2024

Individual income tax revenue down 57.9% from previous quarter in Hawaii

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Gary S. Suganuma Tax Commissioner at Hawaii Department of Taxation | Hawaii Department of Taxation

Gary S. Suganuma Tax Commissioner at Hawaii Department of Taxation | Hawaii Department of Taxation

Hawaii collected $495 million in individual income taxes during the third quarter of 2023, a 57.9% decrease from the second quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $1.2 billion.

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 the state governments.

Overall, Hawaii collected $1.7 billion in combined tax revenues in the the third quarter of 2023, a decrease from the $3 billion collected in the previous quarter.

Q3 2023 Hawaii Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,084
Individual Income Taxes$495
Corporation Net Income Taxes$17
License Taxes$66
Other Taxes$36
Source: U.S. Census Bureau

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