DOR: Revenue rose in December

THE R.I. DEPARTMENT OF REVENUE reported a 4.8 percent increase in general revenue fiscal year to date in December. Director of Revenue Rosemary Booth Gallogly said the results show strong growth. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE reported a 4.8 percent increase in general revenue fiscal year to date in December. Director of Revenue Rosemary Booth Gallogly said the results show strong growth. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – The state Department of Revenue released its monthly cash collections report for December, showing that total general revenue rose 4.8 percent fiscal year-to-date when compared with the same period a year ago.
Total general revenue was $1.67 billion for the first six months of the fiscal year compared with $1.59 billion last year. Personal income tax had the largest gain at 6.7 percent, with $603.9 million collected. Sales and use tax had the next highest increase at 5.2 percent, rising to $493.7 million collected. Lottery collections declined 0.4 percent to $158 million, however.
Director of Revenue Rosemary Booth Gallogly said that year to date, fiscal 2015 cash collections “show very strong growth” over the same period in fiscal 2014.
“I remain hopeful that we still haven’t seen the full impact of the fall in gas prices and that there remains some upside to revenues going forward,” Gallogly said in a statement.
When comparing December 2014 with December 2013, total general revenue increased 14.9 percent to $302.6 million from $263.5 million. Again, personal income tax had the largest gain at 25.6 percent, a $30 million increase to $147.8 million compared with the prior year period. Departmental receipts dipped nearly 20 percent, however, to $12.5 million.
“To say year-over-year revenues jumped in December might be an understatement. A more than 25 percent increase in personal income tax cash collections year-over-year coupled with a nearly 10 percent increase in sales and use tax collections year-over-year is eye-catching to say the least,” Gallogly said.
The full DOR report can be found HERE.

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