R.I. cash collections total $395.7M in April

CASH COLLECTIONS IN APRIL totaled $395.7 million. Fiscal year to date in April, collections totaled $3.1 billion.
CASH COLLECTIONS IN APRIL totaled $395.7 million. Fiscal year to date through April, collections totaled $3.1 billion.

PROVIDENCE – Rhode Island cash collections in April totaled $395.7 million, a 12.7 percent increase from $351 million in April 2017, according to the R.I. Department of Revenue Tuesday.

Personal income tax collection for the month was $175.8 million, compared with a $163.6 million collection one year prior, a 7.5 percent increase year over year. Sales and use taxes totaled $84.7 million, a $4.7 million increase from April 2017. General business tax collections on public utilities gross earnings increased $19.2 million year over year to $20.5 million, the largest year-over-year jump in the report, followed by insurance companies general business tax collections, which increased $18.2 million year over year to $30.9 million.

Lottery transfer declined $18.7 million year over year to $14.8 million. Departmental receipts for the month totaled $27.2 million, compared with $19.1 million in April 2017. Much of this was caused by an unusual spike in fines and penalties collections, which increased $6.2 million. Much of this can be attributed to interest on overdue taxes collected in the 2017 tax amnesty program from January through March (a total of $5.2 million) which were deposited in April 2018 under the fines and penalties category of departmental receipts.

Fiscal year to date in April, collections have totaled $3.1 billion, a 6.1 percent increase from year-to-date collections in April 2017 of $2.9 billion. Personal income tax year to date in April totaled $1.1 billion, an 8.1 percent increase from year-to-date collections in April 2017.

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Chris Bergenheim is the PBN web editor.