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July 2020 Cash Collections report available

Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2021 Cash Collections Report for July 2020. The Cash Collections Report, which is issued monthly, compares current fiscal year cash collections by revenue item on a fiscal year-to-date and monthly basis to prior fiscal year cash collections by revenue item. The cash collections report makes no adjustments for the timeliness of the receipt of revenues and provides readers with insight into the state's cash flow over the course of the fiscal year.

Rhode Island Department of Revenue Director Mark A. Furcolo noted: "FY 2021 total general revenue cash collections through July are up 54.5%, or $233.5 million, from last fiscal year through July. This positive difference is due, to a great extent, from the extension of the tax filing and payment deadlines from April 15 and June 15, 2020 to July 15, 2020 for personal income and nearly all business taxes. In total, $201.3 million in cash receipts directly related to the delay in the filing and payment due dates to July 15, 2020 were received in July 2020 that otherwise would have been paid in April through June 2020. After accounting for the receipt of FY 2020 tax payments in July 2020, FY 2021 cash collections are ahead of last fiscal year through July by 7.8%. FY 2021 personal income tax cash collections through July were $159.6 million more than in FY 2020 with approximately $151.9 million the result of the delay in the filing and payment due dates to July 15, 2020. All other general revenue cash collection through July FY 2021 were $53.0 million above the same period last fiscal year with $41.3 million attributable to the extension of return and payments due dates to July 15, 2020. FY 2021sales and use tax cash collections through July were $9.6 million more than in FY 2020 through July. Similarly, cigarette and other tobacco products tax, estate and transfer tax and departmental receipts cash collections exceeded the same period last fiscal year by a combined $6.3 million."

1. July Fiscal Year-to-Date Summary of Findings:

Notable cash collections items on a July fiscal year-to-date basis included: Total personal income tax cash collections of $255.5 million, up $159.6 million or 166.4% year-to-date. The net increase in personal income tax cash collections breaks down as follows: o Personal income tax estimated payments up $28.8 million or 521.3% fiscal year-to-date, with $29.0 million in delayed payments received in July 2020; o Personal income tax final payments up $144.3 million or 2,619.2% fiscal year-to-date, with $142.2 million the result of the extension of the return due date to July 15, 2020; o Personal income tax refunds and adjustments up $14.4 million or 112.1% year-to-date, with $19.3 million of refunds paid in July 2020 that were accrued back to FY 2020; o Personal income tax withholding payments in year-to-date FY 2021 were $871,106 more than in year-to-date FY 2020, or 0.9%, below the 2.8% growth rate recorded in FY 2020 for the same period. Year-to-date FY 2021 sales and use tax cash collections up 9.1% in comparison to FY 2020 through July with total non-motor vehicle receipts $7.6 million higher, including $6.4 million less in meal and beverage receipts. Motor vehicle use tax receipts (i.e., Registry Receipts) were 23.1% more in FY 2021 year-to-date than the same period in FY 2020. FY 2020 all other general revenue sources cash collections through July were up $53.0 million relative to last fiscal year through July. This increase includes $27.2 million of business corporation tax receipts, $13.7 million of insurance company gross premiums tax cash collections, and $347,200 of financial institutions tax payments that were accrued back to FY 2020. o Also included in this surplus are excess cigarette and other tobacco products tax receipts of $2.7 million, and $2.2 million more in estate and transfer tax payments. The increase in cigarette and other tobacco products tax cash collections may be related to Massachusetts' banning the sale of flavored tobacco, including menthol, effective June 1, 2020. Fiscal year-to-date through July 2020 departmental receipts cash collections are $1.4 million, or 0.8%, more than in FY 2020 through July. FY 2020 hospital licensing fee receipts, which were paid in July 2020 were $1.9 million more than FY 2019 hospital licensing fee payments that were received in July 2019.

2. July 2020 Monthly Summary of Findings: Because July is the first month of the fiscal year, the FY 2021 month of July cash collections are the same as the FY 2021 year-to-date through July cash collections.

The full cash collections report can be found on the Department of Revenue's web site, www.dor.ri,gov, under the Revenue Analysis directory or at this link: http://www.dor.ri.gov/revenue-analysis/2021.php under the State Reports tab.

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) 378-1080.

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