Revenue Assessment Report for February 2026 Available

Revenue Assessment Report for February 2026 Available

Published on Wednesday, March 18, 2026

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2026 Revenue Assessment Report for February 2026. This monthly report compares adjusted general revenues by source on a fiscal year-to-date and monthly basis to expected general revenues by source. Expected general revenues are estimated by ORA from the revised estimates adopted at the November Revenue Estimating Conference (REC) on November 10, 2025.

February Year-To-Date Performance. ORA finds that FY 2026 adjusted general revenues through February led the revised FY 2026 estimates through February with a variance of $5.9 million, or 0.2%. Most of this variance was due to business taxes being up by $33.9 million. Personal income tax was below expectations by $26.6 million, attributable to weakness in final payments largely due to a decrease in elective pass-through entity payments. Sales and use tax revenue led the estimate by $5.0 million, or 0.4%.

February Monthly Performance. ORA finds that February 2026 adjusted general revenues trailed the revised estimates through by $8.3 million, a variance of -2.7%. This variance was driven by business corporation tax being down by $15.1 million due to $20.3 million in refunds in February 2026 compared to $4.5 million in February 2025. Personal income tax revenue had a variance of 0.5%. Refunds and adjustments were up by 23.7%, which is a decrease in revenue of $16.5 million. Typically, February is the third highest month for refunds and adjustments. Offsetting this negative variance were withholding payments, which were net positive $20.0 million. Sales and use tax revenue led the estimate by $4.0 million, or 3.2%.

The entire report can be found on the Department of Revenue's web site at https://dor.ri.gov/revenue-analysis/fy26-state-revenue-data.

Questions or comments on the report should be directed to Paul Grimaldi, Chief/Program Development, by e-mail at [email protected] or by phone at (401) 378-1080.