DOR: State cash collections increase in March

PROVIDENCE – Cash collections by Rhode Island in March rose 15.6 percent year over year to $351.8 million, an increase the state director of revenue called “outstanding.”
According to state Department of Revenue Director David M. Sullivan, general business taxes drove the $47.4 million increase.
Personal income tax cash collections jumped 22.7 percent to $48 million, and sales and use tax rose nearly 4 percent to $68 million.
Sullivan said the the sales and use tax increased $2.3 million from the prior year period despite “harsh winter weather,” while the lottery transfer decreased 4.3 percent to $28.5 million “likely due to the harsh winter weather.”
On a fiscal year-to-date basis, total general revenue cash collections rose 5.7 percent to $2.5 billion compared with the same fiscal period a year ago.
Personal income tax collections increased 7.7 percent to $818 million, while sales and use tax collections increased 5 percent to $714.2 million. Lottery transfer dipped one-tenth of a percentage point to $246.1 million.
Sullivan said fiscal 2015 total general revenue cash collections through March “have outpaced” the prior fiscal year period by a significant margin.
“Compared to last year at this time, the difference in fiscal year-to-date general revenue cash collections in [fiscal] 2015 through March is nearly $85 million more than was the difference in fiscal year-to-date general revenue cash collections in [fiscal] 2014 through March,” Sullivan said in a statement. “The real eye opener, however, is the increase in cash collections for general business taxes for [fiscal] 2015 through March versus [fiscal] 2014 through March. Business corporations tax, financial institutions tax and insurance companies gross premiums tax cash collections are up a combined $35.3 million on a fiscal year-to-date over fiscal year to date basis in (fiscal year) 2015, a really remarkable result.”

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