Arkansas Revenue Above Forecast, Below Last Year In December

Jan 5, 2016

  State finance officials say higher than expected corporate and individual income tax collections last month kept Arkansas revenue above forecast, but below the previous year's figures.

The Arkansas Department of Finance and Administration reported Tuesday that net available revenue in December totaled $464.1 million. That's $7.7 million above forecast - but $18.7 million less than December 2014.

The state's net available revenue for the fiscal year that began July 1 is $2.5 billion, $17.8 million below the same point last fiscal year but $66.9 million above forecast.

Individual income tax collections were $2.3 million below December 2014 and $11.3 million above forecast. Corporate tax collections were $4.8 million below December 2014 and $10.3 million above forecast.

Sales tax collections were $2 million below December 2014 and $5.8 million below forecast.