Revenue Assessment Report for January 2024 available Published on Thursday, February 22, 2024 Providence, R.I. --The Office of Revenue Analysis (ORA) today released its FY 2024 Revenue Assessment Report for January 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. January Year-To-Date Performance. ORA finds that FY 2024 adjusted total general revenues through January led the revised FY 2024 expected total general revenues estimates through January by $4.5 million, a variance of 0.2%. Most of this variance was accounted for by business corporation tax, up $18.2 million to estimates, and departmental receipts, $14.4 million more than anticipated. This was partially offset by negative variance in all personal income tax components, which were $21.4 million less than estimates, and cigarettes and other tobacco products tax, which was $4.6 million less than anticipated. Sales and use tax revenue dropped below exceed expectations, with a negative variance of $1.6 million or ‑0.2%. January sales and use tax revenue represents December activity, which is typically the largest month for sales and use tax revenues. January Monthly Performance. ORA finds that FY 2024 adjusted total general revenues in January led the expected total general revenues estimates for January by $17.7 million, a variance of 3.8%. This variance was driven by departmental receipts, which were up $10.4 million, and business corporation tax collections, which were up $9.8 million. Personal income tax was $3.4 million compared to expected with withholding payments up $13.0 million and all other components down $9.6 million in total. The positive variance was offset by weakness in sales and use tax and estate and transfer tax. 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.