DOTAX News Release: PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES
Posted on Mar 8, 2021 in Main| (Dollars in Thousands) | |||||
| CUMULATIVE TOTALS | DIFFERENCE | ||||
| Feb 2021 | 2020-2021 | 2019-2020 | AMOUNT | %CHANGE | |
| GE/Use Taxes | $245,537 | $1,928,464 | $2,461,924 | (533,460) | -21.7% |
| Income Tax – Corp. | 1,413 | 82,851 | 46,075 | 36,775 | 79.8% |
| Decl. Est. Taxes | 5,717 | 139,844 | 127,095 | ||
| Payment w/returns | 1,038 | 16,239 | 3,355 | ||
| Refunds | (5,341) | (73,233) | (84,375) | ||
| Income Tax – Ind. | 133,873 | 1,975,076 | 1,715,370 | 259,706 | 15.1% |
| Decl. Est. Taxes | 27,866 | 627,227 | 417,596 | ||
| Payment w/returns | 13,415 | 205,392 | 92,278 | ||
| WH Tax on Wages | 173,676 | 1,415,048 | 1,473,529 | ||
| Refunds | (81,083) | (272,555) | (268,021) | ||
| Special Fund | 0 | (36) | (12) | ||
| Trans. Accom. Tax | 16,988 | 73,465 | 455,063 | (381,599) | -83.9% |
| Convention Ctr. Enterprise Fund | 0 | 0 | (11,000) | ||
| Tourism Special Fund | 0 | 0 | (52,667) | ||
| Turtle Bay Conservation Fund | 0 | 0 | (1,000) | ||
| Land & Development Fund | 0 | 0 | (2,000) | ||
| County Fund | 0 | 0 | (68,667) | ||
| Mass Transit Fund | (1,611) | (6,962) | (43,593) | ||
| SUB-TOTAL | 15,377 | 66,502 | 276,137 | (209,635) | |
| All Others | 1,224 | 299,288 | 377,096 | (77,808) | -20.6% |
| Collected by DOTAX** | (15,899) | 173,518 | 231,775 | ||
| Collected by Other Departments* | 17,123 | 125,770 | 145,320 | ||
| TOTAL GENERAL FUND | $397,424 | $4,352,181 | $4,876,602 | ($524,421) | -10.8% |
| Note: General Fund allocations are in bold print. | |||||
| *Includes Conveyance Tax and Insurance Premium Tax. | |||||
| **The negative amount is due to tax refunds, which exceeds tax collections. | |||||
For February 2021, the eighth month of fiscal year (FY) 2021, the cumulative General Fund tax deposits are down by 10.8% compared with the same period in FY 2020. General Excise and Use Tax (GET) collections are down by 21.7% from last fiscal year. Individual Income Tax (IIT) collections are up by 15.1% from last fiscal year. Transient Accommodations Tax (TAT) are down by 83.9% from last fiscal year.
This report includes $308.3 million of net income tax payments that were paid in July 2020 instead of April 2020 due to the shift in the 2019 tax filing deadline. This resulted in a shift of individual and corporate income collections from FY 2020 into FY 2021. If the shifted payments were removed from FY 2021 figures, FY 2021 corporate income tax collections would be $56.1 million, up by 21.9% from the previous year, and IIT collections would be $1,693.5 million, down 1.3% from the previous year, and General Fund collections would be $4,043.9 million, down 17.1% compared to the same period last fiscal year.