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State Guide13th StateEst. 1790
Rhode Island State Flag

Rhode Island RI

"The Ocean State"

The smallest state in the Union and one of its most consequential. Rhode Island invented religious freedom in America, sparked the Industrial Revolution, gave the world some of its grandest Gilded Age architecture, and was the first colony to declare independence from Britain, then the last to join the new nation it helped create.

Rhode Island state finances at a glance

State Debt - FY2024

$11.4 billion

Total state government debt outstanding at the close of fiscal 2024, including long-term bonds and short-term borrowing across state agencies and public universities.

Tax Revenue - FY2024

$5.3 billion

Total Rhode Island state tax collections in fiscal 2024, led by the general sales tax ($1.6B) and the individual income tax ($1.6B).

Borrowing

Rhode Island issues voter-approved general obligation bonds plus a large amount of appropriation-backed and 'moral obligation' debt through state agencies. All are sold to investors in the municipal market; the state's debt per resident is high for its size. The state reported about $485 million in interest on its debt in fiscal 2024.

Source: U.S. Census Bureau, 2024 Annual Survey of State Government Finances.

1st
Colony to declare independence (1776)
13th
State to ratify the Constitution
1,545
Square miles, smallest U.S. state
1636
Founded by Roger Williams
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