Arkansas – The last month of year has been pretty good for the state of Arkansas after the December sales tax revenue has increased by 19%, while the tax for the period July to December has increased by 12% overall.
With the increasing sales tax revenue, the state of Arkansas will add approximately 1.5% more the state budget.
Compared to 2020, the tax revenue in Arkansas for the first six months of the year reached $3.896 billion, which is 5.4% compared to the previous year.
The data was officially confirmed on Tuesday by the Arkansas Department of Finance and Administration (DFA).
“The broad-based gains in December tax collections reflect continued recovery in the state economy with all sectors moving higher at this point. The latest gains above forecast after the recent forecast revision bode well for meeting or exceeding projections for year-end surplus on June 30th,” DFA Secretary Larry Walther noted in a statement.
Arkansas ended fiscal year 2021 (July 2020 – June 2021) with a revenue surplus of $945.7 million thanks in part to the COVID-19 induced shift in a tax filing deadline from June to December that pushed some of fiscal 2020 income tax payments into 2021.
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