RI tax revenues up by more than 11 percent

Associated Press

Rhode Island tax revenues were up more than 11 percent in the two-month period that ended Aug. 31 when compared to the same period last year, numbers some say could be a sign of an economic turnaround.

The state Department of Revenue reported Thursday that tax revenues totaled $358 million, with increases in withholding tax, sales tax and general business taxes.

Paul Dion, chief of the department's Office of Revenue Analysis, tells the Providence Journal that he's "cautiously optimistic," although he warned that two months do not make a trend. The department said state income tax withheld from workers' pay totaled about $145.5 million, up 9.1 percent from the same two-month period a year ago. That suggests more people are working or earning more.