Despite a pandemic, Arkansas has managed to pull in more revenue so far in 2020, compared to the same period in 2019.
The Arkansas Department of Finance and Administration released its October revenue report on Tuesday, Nov. 3, showing that the state has pulled in $2.5587 billion in gross revenue so far in 2020. This represents a 13.8 percent increase, or $310.7 million over the same period in 2019. In addition, the state beat the gross general revenue forecasts by $274.4 million or 12 percent.
In terms of net revenue, Arkansas increased its haul by approximately 12.2 percent over the year-to-date total in 2019. So far, Arkansas has netted $2.229.4 billion in revenue, an increase of $242.6 million from last year. Net revenue in Arkansas has also exceeded fiscal year projections. The fiscal year revenue beat the forecast by $231.8 million or 11.6 percent.
Individual income taxes have increased in 2020 by more than 18 percent over last fiscal year. For the current fiscal year, individual income tax collections totaled $1.2694 billion, which was $196.2 million higher than last fiscal year’s collections and $122.5 million, or 10.7 percent, higher than the forecast. However, individual income tax refunds were also up over last year, rising to $101.3 million. This was an increase of 47.8 million, or 89.2 percent, over last year. It is also was higher than the forecast by $31.8 million, or 45.7 percent.
Corporate income taxes similarly increased, rising to $164.7 million. This marks an increase of $11.6 million from last year. Corporate income tax refunds also increased by $6.9 million from last fiscal year, totaling $13.2 million.
In October 2020, the state of Arkansas netted $486.2 million in general revenue, an increase of 3.2 percent or $15.3 million above last October. This total was above forecast by 17.7 million. October’s gross collections totaled $565.5 million, or $11.1 million, or 2 percent, higher than last October.
Individual income tax collections in October amounted to $264 million while individual income tax refunds were $19.6 million. Both the collections and refunds decreased in October 2020 from last year, falling by $10.1 million for taxes and $9.3 million for refunds.
Corporate income taxes totaled $30.6 million in October, and refunds amounted to $7.4 million. The corporate income taxes decreased by $5.3 million from October 2019, while the tax refunds increased by $4 million.
READ MORE: ArcBest Grows Revenue for Third Quarter of 2020
