Revenue Assessment Report for December 2023 available Published on Friday, January 19, 2024 Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2024 Revenue Assessment Report for December 2023. This monthly report compares the adjusted general revenues by revenue source on a fiscal year-to-date and monthly basis to expected general revenues by revenue source. December Year-To-Date Performance. ORA finds that FY 2024 adjusted total general revenues through December trailed the revised FY 2024 expected total general revenues estimates through December by $13.3 million, a variance of ‑0.5%. Most of this variance was accounted for by personal income tax withholding, which was $18.2 million less than estimates, and cigarettes and other tobacco products tax, which was $4.9 million less than anticipated. This was offset by positive variance in business corporation tax, insurance gross premiums tax, sales and use tax, and departmental receipts. Sales and use tax revenue continued to exceed expectations, with a positive variance of $4.0 million or 0.5%. December sales and use tax revenue represents November activity. December Monthly Performance. ORA finds that FY 2024 adjusted total general revenues in December led the expected total general revenues estimates for December by $2.2 million, a variance of 0.4%. This variance was driven by business corporation tax collections, which were up $13.8 million, and insurance company revenue, up $4.5 million. This was offset by weakness in personal income tax revenue and estate and transfer tax. All components of personal income tax were down by more than $1.0 million for the month compared to estimates, with final payments being the largest negative variance at $6.0 million. Sales and use tax in December was largely on track with estimates, exceeding expectations by $1.8 million or 1.4%. The entire report can be found on the Department of Revenue’s web site at https://dor.ri.gov/revenue-analysis/fy-2024. Questions or comments on the report should be directed to Paul Grimaldi, Chief/Program Development, by e-mail at paul.grimaldi@revenue.ri.gov or by phone at (401) 378-1080.