PROVIDENCE – Total fiscal year-to-date general revenue collection through April was 2.3 percent higher than estimates, according to the R.I. Department of Revenue Tuesday, hitting $2.8 billion. The $62.3 million increase over expectations was largely due to a personal income tax collection bump of 4.5 percent, which brought in a total of $1.1 billion through the first 10 months of fiscal 2018.
Business corporation taxes had the largest negative variance of any tax in the report, underperforming fiscal year-to-date expectations by $18 million, for a total of $82.2 million.
Sales and use tax collections were the second-largest collection behind personal income tax at $870 million fiscal year to date in April, 0.3 percent less than a projected $873 million.
Lottery transfer payments fell 0.2 percent short of estimates at $270.3 million.
Total collections for the month of April were $429.9 million, 3.8 percent higher than the budgeted $414.1 million. Personal income tax accounted for $178.9 million, 2.4 percent more than the $174.7 million that was expected.
Business corporation tax collections fell short of budget by 64.1 percent to $7.2 million. Sales and use tax collections beat expectations by 0.4 percent, with a total of $85.7 million. Lottery transfers saw a 3.2 percent gain on the budget, coming in at $34.9 million.
The DOR’s revenue estimates were adopted at the November 2017 Revenue Estimating Conference.
Chris Bergenheim is the PBN web editor.
