PROVIDENCE – Rhode Island cash collections were $270.1 million in October, according to the R.I. Department of Revenue Thursday.
Collections for October were 6.6 percent higher than the $253.4 million in October 2016.
Personal income tax collections in October were $94.2 million, 1.6 percent higher than one year prior. Corporation tax collections declined $2.2 million year over year to $2.6 million.
Sales and use tax collection increased 7 percent year over year from $84.6 million to $90.5 million. Lottery transfer increased 6.5 percent year over year to $31.8 million, a nominal increase of $2 million.
Estate and transfer tax collections for the month totaled $12.3 million, a significant increase (312 percent) year over year.
Year-to-date cash collection for fiscal year 2018 totaled $1.3 billion in October, $72.3 million more than at the same time the year prior.
Year-to-date cash collection increases were primarily due to estate and transfer tax (increased 544 percent, or $62.4 million year over year), personal income tax (increased 3 percent, or $12.2 million year over year) and sales and use tax, which increased $12.5 million, or 3.5 percent, year over year.
Chris Bergenheim is the PBN web editor.