DOR: R.I. cash collections up 13% in Dec.

PROVIDENCE – Cash collections were $318.5 million in December, representing a 13 percent increase compared to December 2016, according to the R.I. Department of Revenue Wednesday.

Personal tax collections were $157.9 million in December, a 23.3 percent increase from December 2016’s $128.1 million collection.

Sales and use tax collections increased 6.2 percent year over year to a total of $81.3 million for the month from $76.6 million one year prior.

Financial institutions collections totaled $3 million for the month, representing a 184.8 percent increase year over year. Collections from insurance companies also saw an increase of 62.3 percent, totaling $1.6 million in December.

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Cigarette tax collections fell 10.3 percent, totaling $10 million in December 2017 compared to $11.2 million in December 2018.

Estate and transfer collections saw a 47 percent increase, totaling $2.5 million. Realty transfers fell 30.7 percent with a total of $735,389 for the month compared to $1.1 million in December 2016.

Lottery transfer collections in December totaled $28 million, a 3.1 percent decline year over year from $28.9 million.

Fiscal year-to-date tax collections were $1.9 billion through December, a 7.2 percent over the same period in 2016.

The report noted that December 2017 Tax Amnesty collections totaled $4.5 million.

The DOR said that the year-to-date increase in general revenue cash collections can be attributed to increased collections for estate and transfer, personal income and sales and use taxes.

Lauren Aratani is a PBN contributing writer.