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Arkansas

Strong tax collections keep Arkansas’ revenue above forecast

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Arkansas – Arkansas’ finance office said Wednesday strong sales and individual income tax collections kept the state’s revenue above forecast last month.

The Department of Finance and Administration said the state’s net available revenue in August totaled $485.5 million, which was $36.5 million more than the same month last year and $41 million above forecast.

The state’s net available revenue for the fiscal year that began July first totals $1.1 billion, which is nearly $94 million above forecast.

Individual income tax collections in August totaled $245.5 million, which was $16.5 million above August 2019 and $23.9 million above forecast. Sales tax collections totaled $236.2 million, which was $13.5 million above the same month last year and $20.7 above forecast.

Corporate income tax collections in August were below August 2019 numbers and below forecast.

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