RI revenue surges on tax amnesty success
PROVIDENCE, R.I. (AP) — A tax amnesty program has been a boon to Rhode Island’s revenue.
The Providence Journal reports (http://bit.ly/yXauJR ) that midway through the state’s fiscal year, state revenue was $1.44 billion from taxes and fees. Collections were $24.4 million, or nearly 2 percent, ahead of official estimates.
The Department of Revenue says the state collected nearly $22.4 million in a tax-amnesty program that allowed delinquents to pay overdue bills with interest reduced by 25 percent and penalties waived.
The state projected a windfall of nearly $12 million from the amnesty program. The final number exceeded that by $10.5 million.
For now, the state is projecting a surplus of $69 million to $79 million for the fiscal year that ends June 30.
Information from: The Providence Journal, http://www.providencejournal.com