Arkansas revenue exceeds expectations despite pandemic

LITTLE ROCK, Ark. — Arkansas’ revenue at the start of fiscal year surpassed expectations despite the coronavirus pandemic, state finance officials said Tuesday

The Department of Finance and Administration said the state’s net available revenue collections in July totaled $665.9 million, which was $203.1 million higher than the same month last year and $52.7 million above what was forecast for the month. Arkansas’ fiscal year began July 1.

The department said all of the state’s major tax collection categories were above forecast, led by sales tax collections. The state collected $236.4 million in sales taxes last month, which was $30.7 million above the same month last year and $32.5 million above forecast.

Individual income tax collections last month totaled nearly $440 million. Collections were $207.5 million higher than last year, which was due to the state moving the tax filing deadline from April to July because of the coronavirus pandemic. Collections were $17.6 million higher than forecast.

The state collected $52.8 million in corporate income taxes, which was $27.7 million higher than the same month last year and $23.7 million above forecast.