PROVIDENCE – March cash collections in Rhode Island totaled $277.9 million, a $38.5 million decline year over year, the R.I. Department of Revenue said Friday.
Personal income tax collections totaled $72.7 million for the month, compared with $62.6 million one year prior. Sales and use tax totaled $72.8 million, $3 million more than March 2017.
Lottery transfer collections totaled $49.3 million in March, compared with $29.6 million in March 2017.
Insurance companies attributed less to cash collections in March than in 2017, accounting for $13.4 million compared with $36.5 million one year prior. Public utilities gross earnings collections also declined year over year falling to $7.7 million from $36.4 million in March.
Business corporation cash collections declined in March year over year, falling to $23.8 million from $38.8 million.
Fiscal year to date, revenue collections totaled $2.7 billion in March, a 5.2 percent increase from $2.5 billion in March 2017, largely due to a $71.7 million increase in personal income tax collections to $939.1 million and a $74.1 million increase in real estate transfer funds to $92 million.
Insurance companies were the largest tax collections decline in the report fiscal year to date, falling $38.9 million year over year in March.
Chris Bergenheim is the PBN web editor.
