Arkansas had a higher revenue pull in December than forecast, according to the state Department of Finance and Administration. Corporate income tax and sales tax collections helped bolster the revenue, increasing it above projections.
According to DFA numbers, the state had a net general revenue of $547.6 million in December. This was $5.6 million higher than the amount forecast and $6 million, or 1.1 percent, higher than the same time in 2018.
The state’s gross general revenue collections also exceeded last year’s number. In 2019, Arkansas’ gross collections totaled $613.6 million. This is an increase of $7.7 million above 2018’s collections. It is a $5.3 million increase over the December forecast.
For December, the sales and use tax collections totaled $225 million and the corporate income tax collections amounted to $74.1 million. The sales tax collection represented an increase of $9.4 million over last year’s figures, but the corporate tax collection marketed a decrease of $13.5 million from 2018. However, the corporate tax figure was $7 million above forecast.
The DFA reports that the state has a year-to-date net revenue of approximately $2.9662 billion. This figure stands 3.8 percent higher than the levels from the same time in the previous fiscal year; in total, Arkansas has roughly $109.2 million more in net general revenue.
Arkansas has collected approximately $1,594.4 million in individual income taxes, which is $81.3 million more than last year. So far, $77.2 million has been awarded in individual income tax refunds, which is lower than last year’s amount by $2.2 million.
Sales tax collection also increased in the year-to-date by $41.3 million over last year. The state has collected $1,290.7 million in sales and use taxes.
Corporate tax collection has fallen in this fiscal year. To date, the state of Arkansas has collected $232.1 million, which is a decrease of $4 million from fiscal year 2019. The DFA reports that corporate income is above forecast by $36.6 million.