Arkansas’ net available general revenue in November totaled $552.4 million, up $39.8 million, or 7.8%, from last year, the state Department of Finance and Administration reported Tuesday.
The sum was $18.1 million, or 3.4%, above the monthly forecast.
Gains in corporate and individual income taxes offset slightly lower sales and use tax collections in November. Most smaller revenue sources were close to forecast.
Gross general revenue reached $662.8 million. That’s $44.9 million, or 7.3%, higher than last year and $22 million, or 3.4%, above forecast.
Growth was driven primarily by higher individual income tax collections, which totaled $285 million, topping last year by $40 million, or 16.3%. Collections were boosted by an additional payday and larger-than-expected return payments affected by the Dec. 3 filing deadline, the department said. Collections exceeded forecast by $22.3 million, or 8.5%. Refunds totaled $34.5 million, which was $7.7 million more than last year and $6.6 million above forecast.
Sales and use tax collections were $303.4 million, above last year by $8.4 million, or 2.9%, but $4.1 million, or 1.3%, below forecast. Adjustments for the timing of the Thanksgiving holiday show retail sales tax growth of 2% year-over-year, with total sales tax deposits up 5.5%. Accounting for all collection factors, sales tax growth was 3.3%.
Corporate income tax collections totaled $11.4 million, down $5.8 million from last year but $2.6 million above forecast. Refunds were $9.4 million, $1.1 million below last year and $1.9 million under forecast.
Among smaller categories. tobacco tax collections totaled $15.2 million, slightly lower than last year by about $100,000 but $800,000 above forecast.
Gaming tax collections totaled $4.5 million, about $500,000 higher than a year ago and $400,000 above forecast.
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