PROVIDENCE – Cash collections by the state for September totaled $391.3 million, a 23.6 percent increase year over year from one year prior, according to the R.I. Department of Revenue Tuesday.
Personal income tax collections increased 6.7 percent year over year to $146 million. At the same time, general business tax collections more than quadrupled to $82.6 million. The DOR noted that the business tax collection increase reflected a change in the estimated payments schedule for business taxpayers. Effective Jan. 1, 2018, business taxpayers made estimated tax payments on a quarterly basis in April, June, September and December. Previously, these payments were made twice a year in April and June, with 100 percent of the taxpayer’s expected tax liability due by June.
Other September collection details:
- Sales and use tax collections for the month increased 3 percent year over year to $97 million
- Departmental receipts in September totaled $17.5 million, a 19.1 percent increase year over year
- Lottery transfer totaled $31.7 million, a 0.7 percent decline from one year prior
Fiscal year to date in September, collections totaled $1.1 billion, a 9.1 percent increase over the year.
Fiscal year-to-date collection details:
- Personal income tax collections increased 3.2 percent to $333.4 million for the first three month of fiscal 2019
- Sales and use tax collections increased 6.4 percent year over year to $298.6 million
- Fiscal year-to-date departmental receipt collections increased 12.1 percent to $214.3 million
- Fiscal year-to-date lottery transfer totaled $95.8 million, a 51.3 percent increase year over year, largely reflecting a $30.8 million overpayment to the general fund, the DOR said
- The collection of fiscal year-to-date general business tax reflected the increases seen in September, with the total growing 170 percent to $100.1 million over the year
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
