DOR: Cash collections climb in January

THE R.I. DEPARTMENT OF REVENUE said cash collections increased 3.2 percent in January compared with January 2016. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE said cash collections increased 3.2 percent in January compared with January 2016. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections increased 3.2 percent in January compared with January 2016, and grew 1.7 percent fiscal year over fiscal year, the R.I. Department of Revenue said Wednesday.

Collections grew to $313.5 million in January from $303.8 million in January 2016, fueled by departmental receipts, which climbed 13.5 percent, and all other revenue, which increased nearly 20 percent. The DOR said “million dollar plus year-over-year increases in business corporations tax, and cigarettes tax cash collections more than offset decreased motor vehicle license and registration fee cash collections” in the all other general revenue category.

Lottery transfer fell 7.7 percent over the year to $28.5 million, something the state agency blamed on decreases in the transfer from traditional lottery games and the video lottery terminals at Twin River.

Personal income tax, and sales and use tax experienced increases of 1.5 percent to $143.4 million and 3.3 percent to $91.3 million, respectively, in January compared with January 2016.

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Revenue from cigarette taxes rose 23.7 percent over the year in January to $11.4 million, while revenue from alcohol taxes fell 9.1 percent during the same period to $1.6 million.
On a fiscal year-to-date basis, collections grew to $2.045 billion from $2.011 billion during the same fiscal period a year ago.

The DOR said the growth rate for fiscal 2017 through January of 1.7 percent was less than the 2.6 percent growth rate recorded in the previous year.

Departmental receipts again led growth at 8 percent to $268.5 million, while lottery transfer fell 1.1 percent to $178.6 million, and all other revenue declined 2.2 percent to $217.3 million.

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