A strong January of revenue collections boosted year-to-date totals and has the Arkansas revenue picture more than $80 million ahead of forecast.
Year-to-date net available general revenues total $3.12 billion, $121 million or 4% above year ago levels. Seven months into the state’s fiscal year, net available revenue is above forecast by $80.3 million or 2.6%.
All levels of revenue collections spiked higher, said John Shelnutt, director of the Economic Analysis & Tax Research division at the Arkansas Department of Finance and Administration.
“January results were above forecast in all major revenue collection categories. The results represented broad-based gains, spanning business and household categories of taxable activity,” Shelnutt said in the monthly revenue report.
Key collections for January included:
- January net available general revenues totaled $521.3 million, $37.6 million or 7.8% above last year and $36.2 million or 7.5% above forecast.
- Sales and use tax was up 8.2% above year ago results and $10.9 million above forecast.
- Collections in individual income tax were 11.3% above collections a year ago and $33.9 million above forecast.
- Corporate income tax was also above forecast in a minor collection month for that category. January corporate income tax collections totaled $33.5 million.
You can access the full report here.