DOR: July revenue 16.4% higher than expected

PROVIDENCE – The state has brought in $37.3 million more in revenue during the month of July than expected, according to the July revenue assessment published by the R.I. Department of Revenue.

The $264.4 million in adjusted general revenue for the first month of the new fiscal year is 16.4% higher than what was expected at of the state’s May Revenue Estimating Conference, the report stated.

Driving this better-than-expected performance are excise tax revenues, which came in $18.7 million, or 16.4%, higher than anticipated.

Adjusted sales and use tax revenues were $13.9 million more than anticipated, reflecting higher consumer spending thanks to unemployment benefits and stimulus checks, according to R.I. Director of Revenue Mark A. Furcolo.

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Revenue from personal income taxes was $12.9 million more than expected, which Furcolo attributed to strong personal income tax withholding revenues, including the $600 enhanced unemployment benefits, which are subject to income taxes, DOR stated.

Other revenue increases above expectations included: $4.8 million more in cigarette and tobacco product excise tax revenues; $1.5 million more in adjusted insurance company gross premium tax revenues; and $1.2 million more in estate and transfer tax revenues.

Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.

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