PROVIDENCE – July cash collections in Rhode Island exceeded estimations by $7 million at $239.3 million, according to the R.I. Department of Revenue Thursday.
The department called the collection variance a “solid start to the new fiscal year.”
For Leaders Who Don't Have Time to Get Sick
Top performers guard their calendars, delegate relentlessly and optimize every hour of the day. Health,…
Learn More
Collection performance in July was largely due to personal income tax collections exceeding expectations by $7 million at $95.1 million, an 8 percent variance. DOR said its personal income tax collection was driven by “strong personal income tax withholding payments, which are likely reflective of a strong labor market in the state.”
Sales and use tax collections in July totaled $101.3 million, 2.7 percent higher than the projected $98.6 million for July, a $2.7 million surplus.
Departmental receipts totaled $15 million in July, 21.4 percent higher than the projected $12.4 million.
Business corporation taxes for the month totaled $6.2 million, $4.8 million less than estimates, a 43.8 percent variance.
Chris Bergenheim is the PBN web editor.
