DOR: 1% meal and beverage tax collections rise in May

LOCAL 1 percent meal and beverage tax collections increased 3.1 percent year over year in May to $2.4 million from $2.3 million, according to the state Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE
LOCAL 1 percent meal and beverage tax collections increased 3.1 percent year over year in May to $2.4 million from $2.3 million, according to the state Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Local 1 percent meal and beverage tax collections increased 3.1 percent year over year in May, and nearly 8 percent when comparing the first 11 months of the fiscal year with the same time frame last year, the state Department of Revenue said Wednesday.

This tax, which is collected on the sale of a meal and/or beverage prepared away from home, generated $2.4 million in May, compared with $2.3 million in May 2015, and $23.2 million fiscal year to date versus $21.6 million in the prior fiscal year period.
From April to May, collections rose 17.9 percent.

While collections increased, they were not as high as previously experienced a year ago, when the year-over-year increase was 10.7 percent and the month-over-month increase was 19.5 percent, the DOR said.

However, the 2016 fiscal year to date over 2015 fiscal year to date increase was higher, as it was ahead of the 7.1 percent growth rate during the same comparison period last fiscal year.

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The state department also released local 1 percent meal and beverage tax collections results for April, showing that collections grew 4.5 percent year over year to $2 million, and 8.3 percent fiscal year to date over fiscal year to date to $20.9 million.

Full reports can be found HERE.

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