DOR: July cash collection up 10.5%

PROVIDENCE – Cash collections for the month of July, the first month of fiscal 2018, increased 10.5 percent to $422.1 million, according to the R.I. Department of Revenue Friday.

Cash collections for July of fiscal 2018 were bolstered by a $55.7 million surge in estate and transfer collections to $59 million.

July personal income tax collection rose 7 percent year over year to $83 million, an increase of $5.5 million from a year prior.

Sales tax in July showed no significant difference from July of fiscal 2017 at $91 million.

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Departmental receipts declined in July by 2.9 percent year over year to $161.5 million, accounting for a $4.9 million slide in collections.

Business corporation taxes declined 15.3 percent year over year in July to $7.2 million.

Collections for July are also the fiscal year-to-date figures, as July is the first month of fiscal 2018.

Chris Bergenheim is the PBN web editor.