Revenue Assessment Report for December 2024 available

Published on Friday, January 17, 2025

Providence, R.I. --  The Office of Revenue Analysis (ORA) today released its FY 2025 Revenue Assessment Report for December 2024. 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. Expected general revenues are estimated by ORA from the revised estimates adopted at the November Revenue Estimating Conference (REC) on November 8, 2024.

December Year-To-Date Performance. ORA finds that FY 2025 adjusted total general revenues through December were in line with the revised FY 2025 expected total general revenues estimates through December with a slightly negative variance of $698,173. Personal income tax had a positive variance of $21.1 million, which was offset by underperformance in business taxes.

December Monthly Performance. ORA finds that December adjusted total general revenues led the revised monthly expected total general revenues estimate for December by $2.4 million, a variance of 0.4%. Similar to the year-to-date variances, personal income tax performed above expectations and business taxes below expectations. The variance in business tax revenue was largely due to a significant amount of business corporations tax refunds being issued.

The entire report can be found on the Department of Revenue’s web site at https://dor.ri.gov/revenue-analysis/fy-2025.

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.