DOR: Local 1% meal, beverage, hotel tax collections rise in February, fiscal YTD

LOCAL 1 percent meal and beverage tax collections, and hotel tax collections climbed year over year in February and fiscal year over fiscal year, the state Department of Revenue said. / COURTESY R.I. DEPARTMENT OF REVENUE
LOCAL 1 percent meal and beverage tax collections, and hotel tax collections climbed year over year in February and fiscal year over fiscal year, the state Department of Revenue said. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Local 1 percent meal and beverage tax collections, and hotel tax collections increased year over year in February by 15.2 percent and 11.3 percent, respectively.
Collections also increased when comparing the first eight months of the fiscal year with the prior year period, 8.4 percent and 11 percent, respectively.
The amounts were released by the state Department of Revenue last week.
Local 1 percent meal and beverage tax collections totaled $1.7 million in February compared with $1.5 million a year ago, while collections totaled $16.9 million through the February fiscal period compared with $15.5 million during the previous fiscal period.
R.I. Director of Revenue Robert S. Hull said the 15.2 percent year-over-year increase in meal and beverage tax collections was “huge,” and nearly five times the 3.1 percent growth rate posted for February 2015 compared with February 2014.
Year over year, Little Compton led the state in February with the largest percentage increase in meal and beverage tax collections at 93.2 percent, followed by Newport with a 40.7 percent increase and North Smithfield with a 37 percent increase. Foster, Hopkinton and Scituate reported the greatest year-over-year decreases at 45.1 percent, 37.3 percent and 4.8 percent, respectively.
Providence had the largest year-over-year nominal increase at $68,548, while Cranston had the largest nominal decrease at $2,444.
Local 1 percent hotel tax collections totaled $154,858 in February compared with $139,179 in February 2015, and $2.6 million on a fiscal year to date basis compared with $2.3 million during the prior fiscal period.
The DOR said the year-over-year increase was “strong” at 11.3 percent, but comparable to the 11.5 percent year-over-year increase reported in February 2015.
Narragansett reported the highest year-over-year percentage increase in 1 percent hotel tax revenue at 122 percent, followed by East Greenwich at 53.6 percent and New Shoreham, 44.9 percent. Bristol, Glocester and Jamestown had the greatest percentage decreases at 69.1, 49.1 and 39.3, respectively.
Providence had the largest nominal increase over the year at $7,800, while Warwick had the largest nominal decrease at $2,941.

No posts to display