PROVIDENCE – Rhode Island cash collections totaled $435.2 million in July, a decline of 31.3% year over year, according to the R.I. Department of Revenue Thursday.
The $198.3 million year-over-year decline was largely attributed to the extension of the deadlines for tax year 2019 from April 15 and June 15, 2020, to July 15, 2020, for personal income filings and nearly all business filings, inflating July 2020 collection figures.
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According to DOR Director Guillermo L. Tello, “after accounting for the receipt of [tax year] 2019 tax payments in July 2020, [fiscal year] 2022 cash collections are ahead of last fiscal year through July by 0.7%.
July is the first month of the state’s fiscal year.
Cash collection components in July:
- Personal income tax collection in July totaled $100 million, compared with a $255.5 million collection one year prior.
- General business tax collections for the month totaled $20.6 million in July, a decline from $58.7 million one year prior.
- Sales and use tax collections for the month totaled $131.1 million, a rise from $114.6 million one year prior.
- Departmental receipts in July totaled $160 million, a decline from $180.1 million in July 2020.
- There was no lottery transfer in either July 2021 or July 2020, as lottery transfer does not begin in a fiscal year until August.
