Revenue Assessment Report for September 2025 available

Revenue Assessment Report for September 2025 available

Published on Thursday, October 23, 2025

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2026 Revenue Assessment Report for September 2025. This monthly report compares 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 revenue estimates included in the FY 2026 enacted budget signed into law on June 17, 2025.

September Year-To-Date Performance. ORA finds that FY 2026 general revenues through September were above the FY 2026 expected estimates by $45.8 million, a variance of 3.6%. Most of this variance was due to personal income tax revenue being up by $21.7 million. Gross receipts business taxes (on utilities and insurance) exceeded estimates, while business income taxes (on corporations and financial institutions) were below estimates. Sales and use tax exceeded the estimate by $6.7 million and grew on a cash basis through September by 1.7%.

September Monthly Performance. ORA finds that September 2025 general revenues were above the monthly expected estimates for September by $42.5 million, a variance of 7.7%. This variance was driven by personal income tax collections, which were up $24.0 million to estimates, largely due to estimated and withholding payments being up $13.6 million and $20.2 million respectively. As a whole, business taxes exceeded the estimate by $6.8 million. September is a quarterly estimated payment month for personal income tax and most business taxes. Sales and use tax exceeded the estimate by $6.1 million and grew on a cash basis in September by 5.0%.

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.