Arkansas state revenue was up last month. Daniel Breen, from our partner at Little Rock Public Radio, explains.
The latest report from the state Department of Finance and Administration shows Arkansas’ year-to-date net available general revenues totaled roughly $2.3 billion in October. That’s about $41 million, or about 2% higher than this time last year, beating the state’s forecast by roughly 4%.
Despite that, individual income tax collections and refunds are both down compared to last year. Refunds saw the sharpest drop at 22%. Corporate income tax collections also fell by roughly $22 million, or about 6% below the state’s forecast.
Year-to-date sales and use tax collections looked more promising compared to the same time last year — up by roughly $39 million, or 3.3% higher than one year ago.
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