DOR: Cash collections increase during FY, August

CASH COLLECTIONS totaled $617.9 million during the first two months of the fiscal year, a 5.3 percent increase over the same year-ago perios, the state Department of Revenue said Thursday. In August, collections climbed 3.9 percent to $247.7 million. / COURTESY R.I. DEPARTMENT OF REVENUE
CASH COLLECTIONS totaled $617.9 million during the first two months of the fiscal year, a 5.3 percent increase over the same year-ago perios, the state Department of Revenue said Thursday. In August, collections climbed 3.9 percent to $247.7 million. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections totaled $617.9 million during the first two months of the fiscal year, a 5.3 percent increase over the same year-ago period, the state Department of Revenue said Thursday.
Acting Director of Revenue David M. Sullivan said the growth rates for personal income tax, sales and use tax and all other general revenue sources “are solid to say the least.”
Personal income tax collections grew 7.9 percent compared with the same period last year to $172.6 million, and sales and use tax increased 5.8 percent to $180.6 million. Other general revenue sources saw a 17.6 percent jump to $64 million.
Sullivan said the 3.9 percent drop in lottery transfer, to $30.7 million from $31.9 million, was not unexpected given that the Plainridge Park Casino in Massachusetts began operating in June. He said results so far for Rhode Island’s gaming facilities have been better than expected, even with Plainridge’s opening.
In August, he said Twin River’s net terminal income slipped 6.3 percent and Newport Grand’s fell 4.3 percent compared with August 2014. However, he said Twin River table game revenue increased 16.9 percent in August from August 2014.
Cash collections increased 3.9 percent to $247.7 million in August from $238.3 million in August 2014, results that Sullivan called “solid, but not spectacular.”
“The increase in personal income tax cash collections was driven in large part by strong growth in withholding tax payments of 6.7 percent and overall growth in sales and use tax cash collections of 6.5 percent is very respectable,” Sullivan said.

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