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.”
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.