Arkansas revenue boosted by sales, corporate tax collections
LITTLE ROCK, Ark. (AP) — Arkansas’ finance office on Friday said higher than expected sales and corporate income tax collections in December helped keep the state’s revenue above forecast for the current fiscal year.
The Department of Finance and Administration reported that the state’s net available general revenue in December totaled $547.6 million, which was $6 million above December 2018 and $5.6 million above forecast.
The state’s net available revenue so far for the fiscal year that began July 1 totals $2.9 billion, which is $93.1 million above forecast.
Arkansas’ sales tax collections in December totaled $225 million, which was $9.4 million above the same month the previous year and $1.3 million above forecast. The state’s corporate income tax collections totaled $74.1 million, which was $13.5 million lower than the same month the previous year but $7 million above forecast.
Individual income tax collections totaled $276.9 million, which was $8.3 million above December 2018 but $12 million below forecast.