NEW: State Revenues Up 4.9 Percent
Tuesday, August 16, 2011
The State of Rhode Island so far has collected more in revenues in 2011 than it did last year, according to a report released by the Governor’s office this evening.
The report shows that revenues for the first half of 2011 are up 4.9 percent from the collections in the first half of 2010. In all the state government raked in a total of $3.141 billion in revenues, as compared with $2.994 billion in June 2010.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe state also collected more in taxes and other revenue in the first month of the 2012 fiscal year than it did in July 2010, the Department of Revenue. Overall, revenues were up $6.1 million or 9 percent from July 2010, for a total collection of $317.5 million in July 2011.
The greatest increase—3.5 percent—was in the income tax, where new, lower rates for some earners took effect this year. The collections do not include the expansion in the sales tax, which does not take effect until October 1, 2011. (See below chart for the breakdown.)
State Revenue Collections—July 2011
