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Tuesday, December 3, 2024

Rhode Island's combined tax revenues down 11.6% from Q2 to Q3 2023

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Rhode Island Division of Taxation - Thomas Verdi Director of Department of Revenue | Rhode Island Division of Taxation

Rhode Island Division of Taxation - Thomas Verdi Director of Department of Revenue | Rhode Island Division of Taxation

Combined tax revenues in Rhode Island decreased 11.6% in the third quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Rhode Island collected $1.2 billion in taxes during the third quarter of 2023, compared to $1.3 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($593 million) and income taxes ($521 million).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q3 Rhode Island Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$593
Income Taxes$521
License Taxes$35
Other Taxes$16
Property Taxes$1
Source: U.S. Census Bureau

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