R.I. cash collections climbed 1.4% fiscal YTD, fell 3.5% in Dec.

CASH COLLECTIONS increased 1.4 percent during the fiscal period through December, to $1.7 billion. / COURTESY R.I. DEPARTMENT OF REVENUE
CASH COLLECTIONS increased 1.4 percent during the fiscal period through December, to $1.7 billion. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections increased 1.4 percent during the first six months of the fiscal year compared with the prior fiscal period, but declined 3.5 percent in December when compared with December 2015, the R.I. Department of Revenue said Monday.

The DOR said cash collections grew to $1.73 billion from $1.71 billion fiscal year over fiscal year.

Departmental receipts fueled growth among the five major revenue sources, increasing 7.4 percent over that period, to $238.6 million from $222.2 million. All other revenue fell 4 percent, to $196.9 million, due to declines in business corporations tax, motor vehicle license and fees, estate and transfer tax, cigarettes tax, and health care provider assessment cash collections.

Revenue from motor vehicle excise taxes fell 69 percent during the year-to-date fiscal period, to $4.7 million. Cigarette tax revenue fell 3.7 percent, to $73.3 million. Estate and transfer tax revenue dropped 25.4 percent, to $14.4 million.

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Alcohol taxes grew 3.5 percent, to $10.2 million during the fiscal period.

Cash collections fell to $281.9 million in December from $292 million in December 2015.

Departmental receipts and lottery transfer were the only revenue categories with gains at 5.7 percent and 1.3 percent, respectively. All other revenue had the greatest decline at nearly 21 percent, to $34.4 million, while sales and use tax fell 1.4 percent, to $76.6 million, and personal income tax decreased 0.8 percent, to $128.1 million.

Again, motor vehicle excise taxes had a significant decline, falling 80.1 percent, to $494,513 in December. Revenue from the cigarette tax fell 18.5 percent, to $11.2 million, while alcohol taxes increased 23 percent, to $1.9 million.

Estate and transfer tax revenue fell 32.6 percent, to $1.7 million in December.

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