Individual Income Tax Growth Boosts Arkansas Revenue
The Arkansas finance office says higher than expected growth in individual income tax collections boosted the state's revenue above expectation and above last year's numbers in April.
The Department of Finance and Administration said Thursday the state's net available revenues for April totaled $642.8 million. That's $84 million above last year and $79.8 million above forecast.
The state's year-to-date revenues total $4.1 billion, which is $163.9 million above forecast.
Most of the revenue growth came from individual income tax collections, which totaled $568.3 million in April.
The collections were $102.2 million above last year and $99.7 million above forecast. The department said many filers shifted their income to last year to avoid paying higher federal rates.
Sales tax collections totaled $174.2 million, which was $12 million below forecast.