Revenue Assessment Report for February 2025 available

Published on Wednesday, March 19, 2025

STATE OF RHODE ISLAND

Governor Daniel J. McKee

Office of Revenue Analysis

PRESS RELEASE

Monthly Revenue Assessment Report for February 2025

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2025 Revenue Assessment Report for February 2025. 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.

February Year-To-Date Performance. ORA finds that FY 2025 adjusted total general revenues through February were above the revised FY 2025 expected total general revenues estimates through February by $19.2 million, or 0.6%. Business corporations tax and sales and use tax performed below expectations with variances of -14.9% and -0.8% respectively. Personal income tax revenue was $37.7 million more than expected, with a variance of 3.0% largely due to a smaller number of refunds being issued than expected. These refunds are expected to be issued in the coming months. Without this change in refund timing, the overall year-to-date variance across all general revenues would have been negative.

February Monthly Performance. ORA finds that February adjusted total general revenues led the revised monthly expected total general revenues estimate for February by $42.6 million, a variance of 15.7%. Personal income tax and business corporations tax performed above expectations with variances of 60.8% and 65.3% respectively. The positive variance in personal income tax was due to the timing of refunds.

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.