PROVIDENCE – Rhode Island cash collections in August totaled $350.3 million, an increase of 21% year over year, the R.I. Department of Revenue said Friday.
- Collection of personal income tax totaled $126.4 million for the month, an increase of 24.8% year over year.
- Sales and use tax totaled $130.8 million, an increase of 12.7% year over year.
- Lottery transfer rose 51% year over year to $34.7 million.
- Business tax collection totaled $23.1 million, an increase from $12.1 million one year prior.
- Departmental receipts totaled $14.6 million, roughly level with one year prior.
Fiscal year to date in August, cash collections in Rhode Island totaled $785.5 million, a decline of 14.9% year over year.
Of the decline, R.I. Department of Revenue Director Guillermo L Tello said, “This negative difference is due in large part to the extension of the tax year 2019 tax filing and payment deadlines from April 15 and June 15, 2020 to July 15, 2020 for personal income and nearly all business taxes. In total, $201.3 million in cash receipts directly related to the delay in the filing and payment due dates to July 15, 2020, were received in July 2020 (fiscal year 2021) that otherwise would have been paid in April through June 2020. After accounting for the receipt of tax year 2019 tax payments in July 2020, fiscal year 2022 cash collections are ahead of last fiscal year through August by 8.8%.”
