Revenue Assessment Report for March 2025 available

Published on Friday, April 18, 2025

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

March Year-To-Date Performance: ORA finds that FY 2025 adjusted total general revenues through March were above the revised FY 2025 expected total general revenues estimates through March by $1.3 million, which is in line with expectations. Personal income tax performed below expectations by 0.6%, driven by negative variances for final payments and refunds. Sales tax was $15.3 million, or 1.2%, below expectations.

March Monthly Performance: ORA finds that March adjusted total general revenues trailed the revised monthly expected total general revenues estimate for March by $24.1 million, a variance of -6.0%. Personal income tax was 41.1% below expectations, driven by a shift of refund activity from February to March. The negative variance in personal income tax refunds was partially offset by a strong month for personal income tax withholding, up $20.4 million (13.5%) to estimates. Sales tax was below estimates for the third straight month and was $6.5 million, or 5.4%, below estimates. Business corporation tax led the estimate by $28.0 million, a variance of 53.7%, which reversed the year-to-date deficit in that revenue stream.

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.