DOR: Cash collections rise 3.2% in July

CASH COLLECTIONS GREW 3.2 percent in July, during the first month of the fiscal year, according to the R.I. Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE
CASH COLLECTIONS GREW 3.2 percent in July, during the first month of the fiscal year, according to the R.I. Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections for July, the first month of the fiscal year, increased 3.2 percent to approximately $382 million, the R.I. Department of Revenue said Thursday.
In July 2015, cash collections totaled $370 million. Cash collections include revenue from personal income tax, sales and use tax, departmental receipts, lottery and other revenue.
Despite the $11.8 million increase, DOR Director Robert S. Hull noted that the growth rate for July is well below the 6.2 percent recorded in the same year-over-year period last year.
Personal income tax cash collections through July were $3.8 million less than July 2015, falling 4.7 percent to $77.5 million, while fiscal 2017 through July departmental receipts and all other general revenue were each approximately $8 million more than the same period last fiscal year. Departmental receipts, which increased 5.1 percent to $166 million, were boosted by increased hospital licensing-fee payments received in July.

Other general revenue grew 21.8 percent, to $47.2 million. The DOR said the increase is from late payments of insurance companies’ gross premiums taxes that were received in July and accrued back to the previous fiscal year.

July sales and use tax cash collections decreased $801,988, or 0.9 percent, mostly due to a decline of $677,606 in motor-vehicle use taxes paid at the time of vehicle registration.

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