PROVIDENCE – Fiscal-year-to-date revenue collections in Rhode Island through October totaled $1.18 billion, 0.8 percent less than revenue budget projections of $1.19 billion, according to the R.I. Department of Revenue Wednesday.
Personal income tax collections fiscal year to date in October totaled $432 million, 2 percent below projections for the month. The DOR noted that part of this decline reflects a $3.6 million transfer from personal income tax refunds and adjustment collections to business corporation taxes (tax collections included in general business taxes), revenue originally received in fiscal 2017 and fiscal 2018.
General business tax collections missed projections by 10.7 percent at $117.3 million. Sales and use tax exceeded estimations fiscal year to date, totaling $392.5 million, 0.9 percent greater than the budgeted amount.
Lottery transfer also exceeded expectations fiscal year to date through October at $98.9 million, 4.7 percent more than expectations.
Departmental receipt collections outperformed expectations by $3.4 million at $65.6 million.
For the month of October, total revenue collections were 0.6 percent, or $1.6 million, less than estimates at $280.3 million.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
