PROVIDENCE – Fiscal year-to-date revenue collection by the state through December was $17.1 million more than estimates at $1.6 billion, a 1.1 percent difference, the R.I. Department of Revenue said Tuesday.
The fiscal year-to-date surplus to estimates was largely driven by personal income tax collections, which increased 2.7 percent against expectations to $671.9 million, even as general business tax revenue collection fell short of estimates for the fiscal year by 7.1 percent, for a total of $71.5 million.
Excise taxes, the second-largest grouping of state revenue, including sales and use, cigarette and alcohol tax revenue, stayed roughly flat compared to estimates for the first six months of the fiscal year at $628.2 million.
Lottery transfer revenue came in 0.1 percent above estimates at $149.9 million.
The DOR also noted that total tax amnesty collections through December totaled $3 million, $1.9 million more than estimated, driven by $1.9 million in personal tax income collection, which was $1.5 million more than estimated.
In the month of December, total general revenue collected was $315.9 million, 2.8 percent higher than estimates. The improvement on estimates was powered by an 11.6 percent gain on estimates for income tax collections, for a total of $156.9 million.
Excise taxes collected for the month totaled $93.6 million, a year-over-year decline of 3.4 percent. General business taxes collected in December totaled $21.6 million, a 3.1 percent improvement on expectations. Lottery transfer payments fell 4.4 percent short of expectations at $28 million.
Expected revenue was based on estimates made at the November 2017 Revenue Estimating Conference.
Chris Bergenheim is the PBN web editor.
