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Aloha State News

Wednesday, December 4, 2024

Higher individual income tax revenue in Hawaii during Q2

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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 $1.1 billion in individual income taxes during the second quarter of 2024, a 69.2% increase over the first quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $650 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 $3 billion in combined tax revenues in the second quarter of 2024, an increase from the $2.5 billion collected in the previous quarter.

Q2 Hawaii Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,509
Individual Income Taxes$1,100
Corporation Net Income Taxes$264
License Taxes$86
Other Taxes$36
Source: U.S. Census Bureau

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