Hawaii Taxable General Obligation Bonds 2023
General Fund Tax Revenue Performance
The State's Tax Structure Has Provided Revenue Growth and Has Diversified over Time
-
Strong revenue growth:
FY 2023 general fund tax revenues are 29% higher than FY 2019
FY 2023 general fund tax revenues declined by 1.7% (2) versus FY
2022 due to the constitutional refund of $315 million, which
otherwise would have resulted in FY revenue growth of 1.7%
FY 2023 revenues reflect average annual growth of 11.2% since
2020, and average annual growth of 5.3% in the last ten years
FY 2024 YTD general fund tax revenues are up 7.6% through October
versus the same period in FY 2023
■ Growing diversity:
-
Hawaii's mix of tax revenue sources have grown more diverse, with
no source reflecting a majority of total tax revenue
Annual General Fund Tax Revenues
(Fiscal Year, $MM)
Sources of General Fund Tax Revenues(1)
Fiscal Year 2023 (2)
Total: $9.2 Billion
Individual
Income Tax
34%
GET
48%
Corporate
Income Tax
3%
Other
7%
Transient
Accommodations Tax (3)
8%
10
STATE
OF
HAWAII
Monthly General Fund Tax Revenue
$10,000
($MM)
$9,000
$8,000
All General Fund Tax Revenues
GET Collections
$7,000
Individual Income Tax Collections (net)
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
1)
2)
3)
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
$1,400
$1,300
5.34% CAGR
$1,200
$1,100
$1,000
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
Jan Feb Mar Apr May
Jun
Jul
Aug Sep Oct
Nov Dec
2019
2022
2023
TAT allocations to counties were eliminated (monies now accrue to general fund) and counties were authorized to assess a county TAT (up to 3.0%) during 2021 special session.
Sources: Hawaii Department of Budget and Finance; Hawaii Department of Business, Economic Development & Tourism. Hawaii Department of Taxation.
"Other" category includes taxes on: public service companies; insurance premiums; cigarettes and tobacco; liquor; banks and other financial corporations; inheritance and estates; and other miscellaneous taxes.
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