Money debit report Might 2021 accessible

Providence, RI – The Rhode Island Treasury Department today released its Fiscal 2021 Cash Collection Report for May 2021. The monthly cash debit report compares the cash debits of the current business year by sales item for a business year up to the present day and on a monthly basis with the cash debits of the previous business year by sales item. The cash report does not make any adjustments to the timeliness of the receipt of income and gives the reader an insight into the country’s payment flows over the course of the financial year.

Acting Director of the Rhode Island Treasury, Guillermo L. Tello, commented, “Total cash income for FY2021 is up 18.6%, or $ 644.7 million, through May compared to the last fiscal year ended May. This positive difference is due in large part to the extension of the 2019 TY tax return and payment deadlines from April 15 and June 15, 2020 to July 15, 2020 for personal income taxes and almost all corporate taxes. A total of $ 201.3 million in cash receipts directly related to the delay in filing and payment deadlines through July 15, 2020 was received in July 2020 that otherwise would have been paid in April through June 2020. After taking into account the receipt of tax payments for the 2020 financial year in July 2020, the cash withdrawals for the 2021 financial year are 12.8% higher than for. last fiscal year until May. Income tax revenue for FY 2021 through May was $ 396.1 million more than FY 2020, with approximately $ 151.9 million being the result of delaying filing and payment deadlines to July 15, 2020 and increases estimated income tax payments of $ 37.4 million and final income tax payments of $ 156.3 million beyond fiscal 2020 levels, even after factoring in payments received in July 2020. The strong year-to-date growth rate in fiscal year-to-date revenue in May is also due to all other general income, up $ 124.7 million or $ 83.4 million after $ 41.3 million – Dollars of accrued income in July 2020 were accounted for through May, when the economic impact of the COVID-19 pandemic began to take hold in Spring 2020. Income from inheritance and property taxes, other miscellaneous income, and lottery transfer combined totaled $ 62.8 million less than for the same period last fiscal year. “

Notable cash collection items for May of the fiscal year to date included: • Total income tax revenue of $ 1.514 billion, up $ 396.1 million, or 35.4%, year-to-date. The net increase in income tax revenue is made up of the following: o Estimated income tax payments increase by $ 66.4 million, or 36.4%, from fiscal year-to-date, with late payments of $ 29.0 million in July 2020 ; o Final income tax payments increase $ 306.7 million, or 259.6%, since the current fiscal year, with $ 142.2 million being the result of the April 15, 2020, April 15, 2020 tax return extension. July 2020 are; o Income tax refunds and adjustments increase $ 29.3 million, or 8.8%, year-to-date, with $ 19.3 million in refunds paid in July 2020 as a result of the July 15, 2020 extension of the tax return due date were; and o Withholding tax payments for income tax for the current fiscal year 2021 were $ 52.4 million more than in the previous fiscal year 2020, or 1.7 percentage points above the 2.9% growth rate recorded in fiscal year 2020 for the same period. • Sales and use tax revenues for the current fiscal year 2021 increased 14.4% compared to fiscal year 2020 through May, with total non-automotive vehicle revenues up $ 118.2 million, including $ 18 million less for food and drink receipts. Vehicle tax receipts (i.e. registration receipts) were 34.1% higher year-to-date in FY 2021 than in the same period in FY 2020. • In FY 2021, cash collections from all other general revenue streams increased by $ 124.7 million through May at the same period of the last financial year. That increase includes $ 27.2 million in business tax revenue, $ 13.7 million in gross premium tax revenue from insurance companies, and $ 347,200 in tax cash payments from financial institutions received in July 2020 and the delay in filing and due dates Payment for TY. 2019 returns. o After accounting for cash received in July 2020 due to the extension of payment deadlines and filing deadline, corporate corporate income tax cash recoveries for fiscal year 2021 to date are $ 107.1 million and insurance companies gross premium tax receipts are $ 10.1 million Dollars more than in the same period last year. ? The increase in corporate corporation tax cash collections includes $ 98.2 million in payments received by transit companies on behalf of their shareholders for the current fiscal year 2021, compared to $ 45.7 million for the same period in fiscal year 2020. o Include therein Excess includes increased cigarette and other tobacco tax receipts of $ 20.6 million, an additional $ 3.8 million in real estate transfer tax receipts, $ 1.4 million in higher departmental cash receipts, and a surplus of $ 1.2 million in alcohol excise tax payments. ? The surge in cash recoveries from cigarettes and other tobacco products could be related to Massachusetts banning the sale of flavored tobacco, including menthol, effective June 1, 2020. o These cash collection surpluses are offset by lower inheritance and transfer taxes of $ 21.8 million in payments, $ 13.7 million less in financial institution tax revenues, and $ 14.4 million less in cash collections other miscellaneous income, a $ 5.4 million deficit in health care provider assessment; and $ 2.9 million less in gross income tax revenue from public utilities. • Lottery transfer for fiscal year ending May 2021 is $ 30 million less than fiscal year 2020 through May, with $ 48.2 million attributable to lower revenue from casino games at the Twin River and Tiverton Casino Hotels, versus $ 16.8 million in increased revenue from traditional lottery products and remote sports betting. That deficit includes the closure of the state’s two casinos during the Stay at Home Order March 14 through June 7, 2020 and the break from November 30 through December 20, 2020.

May cash collections increased $ 184.2 million in FY 2021 versus FY 2020, a 92% difference. That overshoot was the result of a $ 106.2 million increase in income tax revenue in May, robust sales and use tax revenue growth, which was $ 40.5 million higher in May 2021 than May 2020, and one General corporate tax revenue increase of $ 3.3 million. The increase in income tax revenue was likely due to the delay in the due date for the final and estimated payments to July 2020 for the TY 2019 returns. Income tax returns and payments TY 2020 were due on May 17th in FY 2021. Those surpluses were supported by a $ 30.9 million increase in lottery transfers for May 2021 from May 2020 when both the Twin River and Tiverton casino hotels closed in response to the COVID-19 outbreak -Pandemic.

Notable cash items for May included: • Total income tax revenue of $ 188.4 million, an increase of $ 106.2 million or 129.3% year over year. The net increase in income tax revenue is made up of the following: o Estimated income tax payments increased $ 5 million, or 88.8% year over year, with that excess increasing by $ 122.6 million more in final payments, which is one Corresponds to a deviation of 1,172.1%. In the case of final payments, the final filing and payment date for the TY 2020 refund was May 17, 2021 versus July 15, 2020 for the TY 2019 returns; o Income tax refunds and adjustments increase $ 30.1 million, or 119.4% year over year, likely due to the delayed opening of the tax return season on February 12, 2021 for TY 2020 feedback, compared to January 27, 2020 for TY 2019- Feedback that delayed receipt of tax returns for which a refund was due; and o Income tax withholding in May 2021, $ 8.7 million more than May 2020, or 12.6 percentage points above the 3% growth rate recorded in May 2020. • May 2021 sales and use tax revenue increased 14.4% compared to May FY2020 for a total of $ 33.1 million higher non-automotive vehicle revenue, including $ 9.8 million more Sales tax receipts for food and beverages. Vehicle tax revenue (i.e., registration receipts) increased $ 7.8 million, or 139.2%, in May 2021 from May 2020. • May 2021 lottery transfers are $ 30.9 million more than May 2020 as revenue from casino games at the Twin River Casino Hotel and Tiverton Casino Hotel are $ 26 million more than both casinos for May 2020 were closed in April. • Cash collections of all other general revenue streams in May 2021 increased $ 5.3 million from May 2020. This increase was primarily due to increased corporate tax revenue of $ 3.9 million and cash receipts from cigarette and other tobacco products tax of $ 1.6 million in May 2021. The departments’ cash receipts as well inheritance and transfer tax revenues combined increased $ 2.6 million year over year. • Finally, the valuation of health care providers and other cash collections of other income in May 2021 decreased by a combined US $ 2.6 million compared to May 2020.

The full cash collection report can be found on the Treasury Department’s website, www.dor.ri, gov, in the Revenue Analysis directory, or under the tab at this link: 2021.php Status reports.

Questions or comments about the report should be emailed to Paul [email protected] or by phone (401) 378-1080 to Paul Grimaldi, Head of Information and Public Relations.