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Wednesday, December 4, 2024

Tax Revenue Analysis: Rhode Island collects $558 million in sales and gross receipt tax during Q4 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

Rhode Island collected $558 million in sales and gross receipt taxes during the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Overall, Rhode Island's combined tax revenues reached $1.2 billion during the year, as of fourth quarter of 2023.

Sales and gross receipt taxes include taxes on licenses, alcohol, amusements, insurance, fuel, parimutuels, public utilities and tobacco products.

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.

Q4 2023 Rhode Island Tax Collections

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

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