PROVIDENCE – Fiscal year-to-date state revenue in March outperformed estimates by 2 percent at $2.4 billion, according to the R.I. Department of Revenue Wednesday.
March revised estimates had the total collection for Rhode Island at $2.36 billion fiscal year to date, the department said.
The difference was largely driven by a $43.6 million variance in personal income tax collection, which totaled $932.8 million by March, rather than the expected $889.3 million. Estimated payments outperformed expectations, as did final payments, while refunds and adjustments declined.
Business corporation tax collection was $6 million less than expected fiscal year to date, a 7.5 percent variance and the largest underperformance variance of collections in the state. Sales and use tax collection was 0.4 percent less than estimates at $784.3 million, compared to an expected $787.7 million.
In March, general revenue totaled $243.1 million, a 7.1 percent positive variance from estimated revenues at $227 million, a difference of $16.1 million. March, like the fiscal-year-to-date collection, saw an over-performance in personal income tax collections compared to estimates, with $72.6 million in collections compared to an expected $52.7 million, largely driven by lower refunds and adjustments than expected.
Business corporation taxes totaled $23.9 million for the month, 17.4 percent less than expected. Sales tax collection was short of estimates by 4.4 percent, or $3.4 million at $72.8 million.
Chris Bergenheim is the PBN web editor.
