PROVIDENCE – Cash collections in Rhode Island in March totaled $279.2 million, a 0.4% increase year over year, according to the R.I. Department of Revenue Thursday.
Personal income tax collections in March increased 13.6% year over year to $82.6 million. Collection of sales and use taxes grew 6% year over year to $77.1 million. Departmental receipts for the month increased 4.2% year over year to $16.6 million.
Collection of general business taxes declined 29.6% year over year to $36.2 million in March.
Lottery transfer for March totaled $50.9 million, a 3.2% increase over the year. The figure included sports betting collections for March (which reflects betting from the previous month, the month that the New England Patriots won the Super Bowl and covered a point spread and cost the state $504,701 in revenue).
Fiscal year to date in March, cash collections had increased 5.7% to $2.8 billion.
Personal income taxes fiscal year to date in March declined 1.7% to $923.3 million.
General business tax collections increased 74.6% compared with collections through March 2019 to $250.8 million.
Sales and use tax collection increased 6.1% through the first nine months of fiscal 2019 to $833.2 million. Departmental receipts by March increased 10.6% compared with the previous year to $333.6 million.
Lottery transfer increased 17.5% to $302.5 million fiscal year to date through March. The figure included $45.4 million of overpayment to the general fund, compared with a $20.1 million overpayment one year prior. Sports betting at that time, (reflecting numbers from late November through the end of February) had lost the state a combined $86,432.
Estate and transfer tax collection declined 61.7% to $35.2 million fiscal year to date in March.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
