Rhode Island’s revenue exceeded forecasts in the first two months of the fiscal year that began July 1, the state reported last week.
The state collected $413.9 million in July and August, $33.7 million — or 8.9% — above forecast, according to a report by the Rhode Island Department of Revenue.
The greatest increase came from personal income taxes, which came in 9.7% greater than projections, at $146.5 million.
Business corporation taxes saw the largest percentage increase over estimates, coming in at $7 million, which was 116.8% greater than the $3.2 million expected.
Sales and use tax revenues also improved, generating $152 million, which was $6.5 million better than the forecast.