R.I. cash collections rise 2.6% fiscal YTD

CASH COLLECTIONS rose 2.6 percent during the first three months of the fiscal year, to $952.1 million, compared with $928.2 million during the same fiscal period last year, according to the R.I. Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE
CASH COLLECTIONS rose 2.6 percent during the first three months of the fiscal year, to $952.1 million, compared with $928.2 million during the same fiscal period last year, according to the R.I. Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections increased 2.6 percent during the first three months of the fiscal year to $952.1 million from $928.2 million during the same fiscal period a year ago, according to the R.I. Department of Revenue.
Departmental receipts led the gain, growing 5.2 percent over the year to $192.7 million, primarily due to increased hospital licensing fee payments received in July. Personal income tax grew 2.4 percent, to $312.4 million; sales and use tax rose 2.3 percent, to $274.1 million, and lottery transfer rose 2.2 percent, to $62.2 million. All other revenue fell 0.5 percent, to $110.7 million.

Fiscal year over fiscal year, motor vehicle taxes plunged 65.6 percent, to $2.6 million, while cigarette taxes fell 6.5 percent, to $38.4 million, and alcohol taxes rose 7 percent, to $5.3 million.
When comparing cash collections for the month of September with September 2015, revenue fell 2.9 percent, to $301.2 million. The largest decrease came from the all the other revenue category, which saw a decline of nearly 25 percent over the year, to $35.5 million. The DOR attributed the decline to year-over-year decreases in business corporations tax and cigarette tax collections, which fell 31.8 percent, to $11.8 million, and 24.5 percent, to $12.7 million, respectively.
Lottery transfer also fell 2.4 percent over the year, to $29.5 million due to declines in traditional lottery games and video lottery terminals at Twin River Casino.

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