DOR: Cash collections increase 6.2% in July

CASH COLLECTIONS increased 6.2 percent to $370.2 million in July, according to the state Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE
CASH COLLECTIONS increased 6.2 percent to $370.2 million in July, according to the state Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections increased 6.2 percent to $370.2 million in July, according to the R.I. Department of Revenue.
Other general revenue sources helped drive the increase, as that segment jumped 22.3 percent year over year to $38.8 million. Personal income tax collections also grew 10.6 percent to $81.4 million. Sales and use tax collections increased 5 percent to $91.8 million and departmental receipts rose 1.5 percent to $158.3 million.
As July is the first month in the fiscal year, the data is the same.
Acting Director of Revenue David M. Sullivan said that total general revenue cash collections are “off to a good start.”
“Obviously, the increase in personal income tax and sales and use tax cash collections on a fiscal year-to-date over fiscal year-to-date basis are welcome as these two sources are expected to make up more than 60 percent of all general revenue cash receipts in [fiscal] 2016,” Sullivan said in a statement. “The fact that these two revenue sources are buttressed by extraordinary growth in business corporation tax cash collections indicates to me that the state’s economy continued to do well in July.”

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