DOR: February cash collections increase 4.9%

PROVIDENCE – Severe winter weather had little effect on February cash collections, according to state Director of Revenue Rosemary Booth Gallogly.
Gallogly said the “real outperformer” was personal income tax, which increased 28.4 percent in February to $35.4 million compared with February 2014’s $27.5 million. She said most of the increase was due to fewer refunds being paid out and higher withholding taxes being collected on a year-over-year basis.
Total revenue in February was $180.6 million, an increase of nearly 5 percent from $172.2 million in February 2014, according to the state Department of Revenue’s monthly cash collections report. Sales and use tax rose 5.5 percent to $68.2 million, and departmental receipts increased 1.6 percent to $15 million, while lottery transfer rose 1.3 percent to $29.3 million. All other general revenue sources decreased nearly 10 percent, however, to $32.8 million.
On a fiscal year-to-date basis, general revenue increased 4.2 percent to $2.1 billion, with personal income tax again experiencing the largest gain at 6.9 percent, to $770.1 million, followed by sales and use tax with a 5.2 percent increase to $646.2 million and departmental receipts with a 1.3 percent increase to $268.2 million. Lottery transfer and other general revenue sources had the smallest increases, at 0.5 percent to $217.6 million, and 0.2 percent to $239.7 million, respectively.
Gallogly said, “Once again, all of the major components of total general revenues exhibited positive growth on fiscal year-to-date over fiscal year-to-date basis.”
“The results for the sales and use tax, and the lottery transfer are encouraging given the fact that the fiscal year 2015 through February data reflect taxable sales and gaming activity for the first seven months of the fiscal year and include the impact of Winter Storm Juno on these revenue sources,” Gallogly added.

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