Arkansas revenue remains above forecast, last year’s figures
LITTLE ROCK, Ark. (AP) — Higher-than-expected corporate income and sales collections in January helped keep the state’s revenue above forecast and the same month last year, Arkansas finance officials said Tuesday.
The state’s net available general revenue in January totaled $594.6 million, $40.6 million above the same month last year and $1.1 million above forecast, the Arkansas Department of Finance and Administration said.
The state’s net available revenue for the fiscal year that began July 1 totaled $3.5 billion, which was $94.2 million above forecast.
Individual income tax collections in January totaled $359 million, which was $16.8 million above the same month last year and $15.4 million below forecast. The state paid out $700,000 more in individual income tax refunds than forecast.
Sales tax collections in January totaled $224.4 million, which was $16.6 million above the same month last year and $5.8 million above forecast. The department said holiday shopping activity benefited collections, and there was moderate growth from motor vehicle sales.
Corporate income tax collections last month totaled $38.6 million, which was $6.5 million above January 2019 and $11.3 above forecast.