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Saturday, November 23, 2024

Hawaii's individual income tax revenue down 23.5% as of Q3 2023 compared to Q3 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 $495 million in individual income taxes during the third quarter of 2023, a 23.5% decrease from the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the third quarter of 2022, $647 million was collected in individual income taxes.

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 $1.7 billion in combined tax revenues in the third quarter of 2023.

Q3 2023 Hawaii Tax Collections

Type of TaxAmount (in millions of dollars)
Sales and Gross Receipts Taxes$1,084
License Taxes$66
Individual Income Taxes$495
Total Income Taxes$512
Other Taxes$36

Source: U.S. Census Bureau

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