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Thursday, November 21, 2024

Rhode Island’s combined tax revenues up 7.3% in Q4 compared to same quarter of the previous year

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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

Rhode Island collected $1.2 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This is a 7.3% increase over the same quarter the previous year when combined tax revenues were $1.1 billion.

The majority of the state’s tax revenue was collected through sales and gross receipts taxes ($558 million) and income taxes ($528 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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q4 Rhode Island Tax Collections

Type of TaxAmount (millions)
Income Taxes$528
License Taxes$49
Other Taxes$18
Property Taxes$1
Sales and Gross Receipts Taxes$558

Source: U.S. Census Bureau

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