Revenue Assessment Report for January 2026 available

Revenue Assessment Report for January 2026 available

Published on Thursday, February 19, 2026

Providence, R.I -- The Office of Revenue Analysis (ORA) today released its FY 2026 Revenue Assessment Report for January 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.

January Year-To-Date Performance. ORA finds that FY 2026 adjusted general revenues through January led the revised FY 2026 estimates through January by $14.2 million, a variance of 0.5%. Most of this variance was due to revenue from business taxes being up by $42.8 million, driven by strong performance in business corporation, financial institutions, and insurance company gross premiums taxes. Personal income tax was below expectations by $27.1 million attributable to weakness in withholding payments and final payments. Sales and use tax revenue led the estimate by $1.1 million, or 0.1%. On a year-to-date cash basis, sales and use tax grew by 1.9%.

January Monthly Performance. ORA finds that January 2026 adjusted general revenues trailed the revised estimates through by $13.7 million, a variance of -2.7%. This variance was driven by weakness in personal income tax revenue with withholding payments falling below the estimate by $25.8 million. On a cash basis, withholding payments declined by -7.8% year-over-year. Sales and use tax revenue led the estimate by $0.8 million, or 0.5%. On a year-to-date cash basis, sales and use tax grew by 4.9%. January 2026 receipts reflect December 2025 activity; December holiday sales make January the largest month for sales and use tax collections.

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.