Revenue Assessment Report for December 2025 available

Revenue Assessment Report for December 2025 available

Published on Thursday, January 22, 2026

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2025 Revenue Assessment Report for December 2025. 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.

December Year-To-Date Performance. ORA finds that FY 2026 adjusted general revenues through December led the revised FY 2026 estimates through December by $28.4 million, a variance of 1.1%. Most of this variance was due to revenue from business taxes being up by $37.1 million, driven by strong performance in business corporation, financial institutions, and insurance company gross premiums taxes. Personal income tax was below expectations by $6.8 million. Despite falling below estimates, withholding cash collections through December 2025 continued to grow by a robust 5.7% compared to the prior year. Sales and use tax revenue was in line with expectations. On a year-to-date cash basis compared to last year, sales and use tax grew by 1.4%.

December Monthly Performance. ORA finds that December 2025 general revenues were above the monthly expected estimates for December by $55.9 million, a variance of 10.5%. This variance was driven by strength in general business taxes, with business corporation tax being up $20.5 million and public utilities and insurance company taxes being up $2.9 million and $8.0 million, respectively. Personal income tax revenues were also robust, up $15.5 million to estimates, largely due to withholding payments being up $15.5 million and refunds and adjustments being down with a positive nominal difference of $11.3 million. December is a quarterly estimated payment month for most business taxes. Sales and use tax exceeded the estimate by $3.0 million and grew on a cash basis in December by 1.9%. December sales tax reflects November activity.

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.