NEW: State Releases Hotel and Meal and Beverage Tax Collections for April
Thursday, July 21, 2011
Rhode Island brought in a statewide total of $5,749,121 in tax collections on both the hotel industry and meal and beverage industry in April, according to a report issued by the Department of Revenue.
The hotel industry netted $149,121 in tax revenue in April of 2011, 10.2% more than the amount collected in March. Communities with notable increases include Middletown, which saw a $5,347 nominal increase, good for tops in the state. Little Compton takes the crown in percentage increase with an impressive 1,003.9% although the town only netted $821 in revenue. Also noteworthy is Cranston’s poor performance over the month. Losing over $5,000 in revenue for a 66.9% decrease.
The meal and beverage industry also enjoyed a successful April. Tax collections in the segment totaled $1.56 million, a 5.9% increase over the previous month. New Shoreham and Little Compton both boast over 100% increase over the month with 180.7% and 173.5% respectively. Nominally, Newport was the most lucrative community over the month raking in $26,137 in tax revenue. Conversely, Cranston and Smithfield struggled in April, losing close to $5,000 and $2,500 respectively.
Analysis of year by year data shows that the meal and beverage segment totaled 5% more tax revenue in April 2011 than in April 2010. The hotel segment also had a more profitable April than in 2010. Hotel tax revenue was 9.6% higher than the prior year.
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Comments:
Nathan Holterman
1:21pm on Friday, July 22, 2011
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