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Thursday, November 21, 2024

Hawaii sees less individual income tax revenue in Q4 2022

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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 $599 million in individual income taxes during the fourth quarter of 2022, a 7.4% decrease from the third quarter of 2022, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $647 million.

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 $2.3 billion in combined tax revenues in the the fourth quarter of 2022, a decrease from the $2.4 billion collected in the previous quarter.

Q4 2022 Hawaii Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,467
Individual Income Taxes$599
Corporation Net Income Taxes$72
License Taxes$79
Other Taxes$43
Source: U.S. Census Bureau

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