The last budget crafted by former Gov. Lincoln Chafee’s administration and the General Assembly seems to be holding up fairly well, according to the latest revenue assessment by the Rhode Island Department of Revenue.
The official state bean-counters say that adjusted total general revenues are up about $61 million more than expected in the current budget year, which ends on June 30. This is good news for a state that has been slowly emerging from the recession.
The 2.6 percent increase in revenues is fueled by increases in the personal income tax and the corporate tax.
David Sullivan, acting revenue director, said that the March revenue numbers were the first to reflect the impact of the enactment of combined business corporation tax reporting.