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R.I. Department of Revenue releases February 2016 meals and beverage tax collections report

Providence, R.I. -- The Rhode Island Department of Revenue released its FY 2016 Local 1.0 Percent Meal and Beverage Tax Collections Report for February 2016 today. The Local 1.0 Percent Meal and Beverage Tax Collections Report, which is issued on a monthly basis, compares the collections from the state's local 1.0 percent meal and beverage tax on a month-to-month, year-over-year, and fiscal year-to-date over fiscal year-to-date basis. The local 1.0 percent meal and beverage tax is collected on the sale of a meal and/or beverage that is prepared away from home and the amount of tax collected is remitted, in full, to the municipality in which the meal and/or beverage is consumed.

Highlights from the report as noted by Director of Revenue Robert S. Hull were: Month-to-month increase in local 1.0 percent meal and beverage tax collections was 3.0 percent, significantly better than the 3.8 percent growth rate recorded between February 2015 and January 2015; Year-over-year increase in local 1.0 percent meal and beverage tax collections for February 2016 was huge at 15.2 percent, nearly five times the 3.1 percent growth rate posted for February 2015 over February 2014; Year-to-date FY 2016 local 1.0 percent meal and beverage tax collections through February was 8.4 percent more than the same period last fiscal year and 1.5 percentage points more than the year-to-date over year-to-date growth rate of 6.9 percent recorded for FY 2015 through February.

The entire report can be found on the Department of Revenue's web site at: http://www.dor.ri.gov/revenue-analysis/2016.php under the Local Reports tab. The full report includes the break down by municipality of local meal and beverage tax collections on a month-to-month, year-over-year, and fiscal year-to-date over fiscal year-to-date basis.

Questions or comments on the report should be directed to Paul Grimaldi, Chief of Information and Public Relations by e-mail at paul.grimaldi@revenue.ri.gov or by phone at (401) 574-8766.

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