Arkansas tax revenue fell 6.1% in December compared to the same month a year ago but exceeded the state’s forecast for the month, the Department of Finance and Administration reported Friday.
Net available general revenue totaled $626.4 million, down $40.4 million, or 6.1%, from the same month last year. The sum was above the state’s forecast by $17.8 million, or 2.9%.
The better-than-forecast results were primarily driven by higher individual income tax collections.
Gross general revenue reached $723.6 million, a decline of $45 million, or 5.9%, from last year but $18 million, or 2.5%, above forecast.
Individual income tax collections totaled $295.7 million, up $1.7 million, or 0.6%, from last year and $35.2 million, or 13.5%, above forecast. Refunds were $7.1 million, $12.6 million below last year and $6.9 million under forecast.
Sales and use tax collections rose to $299.7 million, an increase of $1.3 million, or 0.4%, from last year and $2.5 million, or 0.8%, above forecast.
Gains in individual income and sales tax collections were offset by a sharp drop in corporate income tax revenue. Collections in that category plummeted to $81.5 million, down $49.2 million from last year and $22 million below forecast. Refunds climbed to $23 million, $9.2 million higher than last year and $8 million over forecast.
Among smaller revenue sources, tobacco tax collections totaled $15.1 million, down $3 million from last year and $1.9 million below forecast. Gaming revenue was $4.6 million, up about $800,000 from last year and above the forecast by about $700,000. Insurance revenue exceeded the forecast by $900,000 and surpassed year-ago collections.
This article was written with assistance from ChatGPT.
Sign up for Daily E-news
