R.I. May cash collections up 92% from a year ago, to $384M

PROVIDENCE – Rhode Island cash collections in May totaled $384.3 million, a rise of 92% year over year, the R.I. Department of Revenue said Friday.

In addition to the economic impact of COVID-19 and related restrictions on the economy in 2020, the increase in collections from one year prior was driven by a jump in personal income tax cash receipts, which the department said was was likely due to a delay in the due date for final and estimated personal income tax payments from May 2020 to July 2020 for tax year 2019 returns. Payments were due on May 17 in fiscal 2021.

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• Personal income tax collections in the state totaled $188.4 million in May, a rise from $82.2 million one year prior.
• Sales and use tax collection totaled $116.6 million a rise from $76.1 million in May 2020.
• General business tax collections totaled $11.1 million, a rise from $7.8 million one year prior.
• Lottery transfer for the month totaled $33.9 million, a rise from $3 million one year prior.
• Departmental receipts in May totaled $16.4 million, a rise of 8.5% year over year.

Fiscal year to date in May, cash collections in the Ocean State totaled $4.12 billion, a rise of 18.6% from fiscal-year-to-date collections in May 2020.

Rhode Island Department of Revenue Acting Director Guillermo L. Tello noted that fiscal year 2021 “total general revenue cash collections through May are up 18.6%, or $644.7 million, from last fiscal year through May. This positive difference is due, to a great extent, from 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.”  

The DOR said that, “After accounting for the receipt of fiscal year 2020 tax payments in July 2020, fiscal 2021 cash collections are 12.8% more versus last fiscal year through May.”