R.I. cash collections in Jan. up 1.9%

RHODE ISLAND cash collections in January increased 1.9 percent year over year to $350.4 million. / PBN FILE PHOTO/ARTISTIC IMAGES
RHODE ISLAND cash collections in January increased 1.9 percent year over year to $350.4 million. / PBN FILE PHOTO/ARTISTIC IMAGES

PROVIDENCE – Rhode Island cash collections totaled $350.4 million in January, an increase of 1.9 percent year over year from $343.9 million in January 2018, according to the R.I. Department of Revenue Wednesday.

The $6.6 million increase was largely attributable to a $10.5 million increase in sales and use tax to a total of $104.7 million and a $5.5 million increase in lottery transfer to $33.7 million year over year.

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The increase in January lottery transfer included $388,248 in December sports-betting revenue – collected from a total of $957,913 in sports book revenue. The state collects 51 percent of sports book revenue after commissions, operating or allocable expenses are removed. A total of $13.1 million in sports bets were placed in December.

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The January cash-collection gains were offset by a $4.6 million year-over-year decline in personal income taxes for January to $156.6 million from $161.2 million, as well as a $4.4 million decline in departmental receipts to $26.4 million from $30.8 million, attributable to a $6.8 million decline in licenses and fees collections to $12.3 million from $19.1 million.

General business tax collection in January increased 7.2 percent year over year to $11.7 million from $10.9 million.

Fiscal year to date, cash collections in January totaled $2.36 billion, a 7.3 percent increase from $2.2 billion in fiscal-year-to-date collections in January 2018.

The fiscal-year-to-date collection increase in January included a $123 million increase in collection of general business taxes to $203.2 million from $80.2 million. The general business tax collection increase included a $38.8 million increase in business corporation taxes, a $41.2 million increase in public utilities gross earnings, and a $39.3 million increase in insurance company collections.

The fiscal-year-to-date cash collections also included a $43.5 million increase in sales and use taxes to $677 million from $633.4 million; a $43 million increase in lottery transfers to $223 million from $180 million; and a $29.2 million increase in departmental receipts to $299.2 million from $270 million.

Increases in collections were offset by a $15.4 million decline in personal income tax collection to $822.1 million from $837.5 million, as well as a $58 million decline in estate transfer tax collection to $27.2 million from $85.2 million.

State revenue from sports betting from its inception in late November through December totaled $409,878, from $1 million in total book revenue from $13.8 million in sports bets.

Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.

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