R.I. cash collections up 1.9% in Nov.

PROVIDENCE – General revenues collection in Rhode Island totaled $265.9 million in November, a 1.9 percent increase year over year from $260.9 million in November 2017, according to the R.I. Department of Revenue Wednesday.

The increase stems largely from a $5 million year-over-year increase in sales and use tax, totaling $91.9 million in November.

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Personal income tax collection for the month declined $1.9 million year over year to $99.2 million while lottery transfer collection declined $1.8 million to $26.9 million.

General business tax collection increased roughly $3 million year over year to $5.5 million, largely due to fiscal year 2018 corrections to prior period payments, transferring more than $2.8 million in business corporation tax into personal income tax (more than the month’s decline in personal income tax year over year).

Estate and transfer collection totaled $10.4 million in November, compared with $6.9 million in November 2017.

Fiscal year to date in November, general revenues collection totaled $1.65 billion, a 7 percent increase from $1.54 billion one year prior.

• Personal income tax collection increased $16.5 million year over year fiscal year to date to $534.8 million
• Sales and use tax collection fiscal year to date in November increased $26.4 million year over year to $484.4 million
• Departmental receipts collection increased $24.7 million year over year fiscal year to date in November to $250 million – this was in part due to an increase in the hospital licensing fee, generating an additional $15 million
• Lottery transfer collection fiscal year to date increased $32 million year over year to $155.8 million – partially due to a $25.3 million overpayment to the general fund
• General business taxes collection fiscal year to date increased $71.6 million year over year to $119.2 million, with year-over-year increases of $20 million or more in business corporation taxes collection, public utilities gross earnings collection and insurance companies collection

Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.