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July 2021 Cash Collections report available

Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2022 Cash Collections Report for July 2021. 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 Guillermo L. Tello noted: "FY 2022 total general revenue cash collections through July are down 31.3%, or $198.3 million, from last fiscal year through July. This negative difference is due in large part to the extension of the TY 2019 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 (FY 2021) that otherwise would have been paid in April through June 2020. After accounting for the receipt of TY 2019 tax payments in July 2020, FY 2022 cash collections are ahead of last fiscal year through July by 0.7%. FY 2022 personal income tax cash collections through July were $155.5 million less than in FY 2021 with approximately $151.9 million the result of the delay in the TY 2019 filing and payment due dates to July 15, 2020. All other general revenue cash collection through July FY 2022 were $39.2 million below the same period last fiscal year with $41.3 million attributable to the extension of TY 2019 return and payments due dates to July 15, 2020. FY 2022 sales and use tax cash collections through July were $16.5 million more than in FY 2021 through July. Departmental receipts cash collections trailed the same period last fiscal year by a combined $20.1 million with most of this shortfall attributable to the reduction in the hospital licensing fee rate to 5% for FY 2021 (prior fiscal year hospital licensing fee payments are received in July of the current fiscal year)."

Notable cash collections items on a July fiscal year-to-date basis included: Total personal income tax cash collections of $100 million, down $155.5 million or 60.9% year-to-date. The net decrease in personal income tax cash collections breaks down as follows: o Personal income tax estimated payments down $27 million or 78.7% fiscal year-to-date, with $29.0 million in TY 2019 delayed payments received in FY 2021 year-to-date through July; o Personal income tax final payments down $144.3 million or 96.3% fiscal year-to-date, with $142.2 million the result of the extension of the TY 2019 return due date to July 15, 2020; o Personal income tax refunds and adjustments down $18.6 million or 68.3% year-to-date, with $19.3 million of refunds paid in FY 2021 year-to-date through July that were accrued back to FY 2020; o Personal income tax withholding payments in year-to-date FY 2022 were $2.8 million less than in year-to-date FY 2021, a growth rate of 2.9%, below the 0.9% growth rate recorded in FY 2021 for the same period. Year-to-date FY 2022 sales and use tax cash collections up 14.4% in comparison to FY 2021 through July with total non-motor vehicle receipts $9.7 million higher, including $7.5 million more in meal and beverage receipts. Motor vehicles use tax receipts (i.e., Registry Receipts) were 7.7% less in FY 2022 year-to-date than the same period in FY 2021. FY 2022 all other general revenue sources cash collections through July were down $39.2 million relative to last fiscal year through July. This decrease 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 TY 2019 tax payments that were received in year-to-date FY 2021 but accrued back to FY 2020. Fiscal year-to-date through July 2021 departmental receipts cash collections are $20.1 million, or 11.2%, less than in FY 2021 through July. FY 2021 hospital licensing fees, which were paid in July 2021 were $18.8 million less than FY 2020 hospital licensing fees that were received in July 2020 due in large part to a reduction in the hospital licensing fee rate from 6% to 5% for FY 2021.

Because July is the first month of the fiscal year, the FY 2022 month of July cash collections are the same as the FY 2022 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/2022.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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