PROVIDENCE – Rhode Island cash collections in February totaled $170.5 million, $10.5 million less than a $181 million collection one year prior, according to the R.I. Department of Revenue Monday.
The difference in year over year was primarily attributed to $11.7 million in cash collections related the 2017 tax amnesty in February 2018 as well as a $1.9 million underpayment to the general fund in February 2019.
- Personal income tax collection for the month totaled $18.6 million, a 35.6 percent decline year over year.
- General business tax collection declined 4.6 percent over the year to to $11.4 million in February.
- Sales and use taxes accounted for $79.1 million in February, flt from fiscal 2018 receipts.
- Departmental receipts collection increased 12.9 percent year over year to $17.8 million in February.
- Lottery transfer for February, which reflects January gambling figures, totaled $28.6 million, a 1.6 percent gain year over year. Sports betting in January yielded $8,390. The DOR said that the Division of Lottery underpaid the general fund by $1.9 million as well.
Fiscal year-to-date collections:
At the end of February, fiscal 2019 year-to-date cash collections totaled $2.5 billion a 6.3 percent increase year over year.
- Personal income taxes fiscal year to date through February totaled $840.7 million, a 3 percent decline.
- Sales and use tax receipts increased 6.1 percent year over year to $756 million.
- General business taxes fiscal year to date totaled $214.6 million, an increase of 132.8 percent through the same fiscal 2018 period, driven by public utilities gross earnings and insurance companies tax increases.
- Estate and transfer collections declined 65.6 percent to $30.9 million through February for fiscal 2019.
- Lottery transfer through February totaled $251.6 million, a 20.9 percent increase over the year. The report said that sports betting had netted the general fund $418,269 by the end of January. (The lottery said Friday that sports betting conducted in February resulted in a loss for the month.)
Last week, the DOR said that fiscal-year-to-date collections by the end of February were $33.4 million behind budget estimations.
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Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
