Arkansas February Net Revenue Up 10.5 Percent

by Arkansas Business Staff  on Monday, Mar. 4, 2013 10:08 am  

February net available general revenue reached $210.1 million, up 10.5 percent from the same month last year and 8.1 percent above forecast, according to a report Monday by the state Department of Finance and Administration.

The report, available here (PDF), said results were driven by a "relative lack of refunds from individual income tax returns received" rather than gains or losses in collections.

In the report, the department said calendar year-to-date returns were still down "significantly" compared to year ago patterns after Interal Revenue Service delays at the start of the tax filing season in January.

Total refunds were below year ago levels by 3 percent in February and 12.2 percent year-to-date.

Meanwhile, sales and use tax collections reached $174.6 million, 5.2 percent higher than the same last year and above forecast by 0.9 percent. The February gain offsets a decline in January, with the two-month average amounting to 2 percent year-over-year growth, according to the report.

In all, February tax collections grossed $411.3 million, up 4.5 percent above last year and 0.5 percent above forecast. 

 

 

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