PROVIDENCE – Cash collections in fiscal year 2018 totaled $3.8 billion, a 3.8 percent increase year over year from $3.7 billion in fiscal 2017, the R.I. Department of Revenue revealed in a Monday report.
Personal income tax collections were responsible for the largest increase in fiscal 2018 increasing 7.8 percent year over year, to $1.3 billion from $1.2 billion. Sales and use tax increased 5.2 percent year over year in that time to $1 billion from $998 million in fiscal 2017.
Estate and transfer taxes increased $78.4 million year over year to $103 million from $24.6 million.
General business taxes declined $133.9 million year over year, to $305.4 million from $439.2 million, driven by declines in insurance company collections (declined $56 million to $81.5 million), business corporation taxes (declined $43.5 million to $95.6 million), and public utilities gross earnings (declined $30.6 million to $59.7 million).
Departmental receipts for the fiscal year totaled $384.9 million, a 4 percent increase from $370 million in fiscal 2017.
Lottery transfer totaled $368.4 million for fiscal 2018, a 1.7 percent increase year over year from $362.2 million. The increase in lottery transfer was primarily realized through collections from traditional games, where collection increased $2 million year over year to $39.5 million.
June cash collections in Rhode Island totaled $455.1 million, a 14 percent decline year over year from $528.9 million, largely due to an $83.5 million year-over-year decline in collection of general business taxes.
Lottery transfer declined $9.4 million year over year in June to $50.8 million.
Personal income tax collections declined $5.1 million year over year to $123.1 million in June.
These declines were partially offset by a $5.4 million increase in sales and use taxes collection, a $2.4 million increase in departmental receipts cash collection and a $21 million increase in revenue designated as “other miscellaneous revenues.”
Chris Bergenheim is the PBN web editor.