2021 Plan of Finance Amortization
STATE O
OF
1959
HAWAI
State Revenues
The State's Tax Structure Provides Stable Delivery of Tax Revenue
■ The General Excise Tax (GET) and Individual Income Tax
comprise over 89% of the State's annual General Fund tax
revenues
The GET is a broad tax based on the gross income that
businesses generate in the State
■■ GET is levied at a low rate and has been a stable source of
revenue to the State for several decades
Unlike most other state sales taxes, Hawaii's GET applies to
revenue generated on services in addition to its broad
application to revenue from the sale of goods
Transient Accommodations Tax (TAT) accounted for only
about 2% of General Fund Revenues in FY 2021 and is
expected to grow in FY 2022
State General Fund
Tax Revenue Composition (FY 2021)(1)
Public Service
Companies
Liquor and.
Permits
0.6%
Insurance
Premiums
2.3%
Inheritance and
Estate
0.4%
1.7%
1.0%
Tobacco and
Licenses
TAT
2.1%
Miscellaneous
0.2%
Conveyance
0.4%
General Excise
and Use
42.2%
20-Year History of General Fund Tax Revenues
Millions
Income
Individuals
46.4%
Income
Corporations
2.6%
$8,000
$7,000
$6,000
All General Fund Revenues
GET Collections
Individual Income Tax Collections (net)
$5,000
$4,000
$3,000
$2,000
$1,000
$0
(2)
2002
2003 2004 2005 2006 2007
2008 2009
2010
2011 2012 2013 2014 2015 2016
Fiscal Year
2017 2018 2019 2020
2021
10
(1)
(2)
Sources: Hawaii Department of Business, Economic Development & Tourism. Hawaii Department of Taxation. The Tax Foundation.
Unaudited. The State's cash basis statements are not directly comparable with the State's audited financial statements, which are accrual basis.
The State had two collections for personal income tax in FY 2021.View entire presentation