State Tax Revenue Up 10% in October

State Tax Revenue Up 10% in October
The Arkansas State Capitol building in Little Rock (Shutterstock)

The Arkansas Department of Finance and Administration on Tuesday reported October net available general revenue of $604.8 million, up $56 million, or 10.2%, from a year ago.

The figure was $49.2 million, or 8.9%, above forecast.

Gross general revenue totaled $710.7 million, an increase of $85.7 million, or 11.9% from last year. The amount was 10.2% higher than forecast.

The department reported that all major collection categories were above forecast in October, with sales tax collections remaining particularly strong. Secretary of Finance Larry Walther said that was "a testament to broad-based expansion going into the holiday shopping season."

Sales tax collections rose 11.6% to $283.1 million, topping the monthly forecast by $22.8 million, or 8.8%. Motor vehicle sales tax collections were up 4.7% in the month.

Individual income tax collections came in at $354.1 million in October, rising $43.4 million, or 14%, from a year ago. Collections in the category were 10% above forecast. The department noted that individual withholding tax revenue jumped 8.6% compared to the same month in 2021 due to payday calendar timing.

Corporate income tax collections added up to $38.1 million in October, an increase of $2.5 million. The figure was $8 million above forecast.

Among smaller revenue sources, tobacco tax collections totaled $18.9 million, flat compared to a year ago and about $1.6 million higher than forecast. Gaming tax revenue came in at $3.8 million, beating the October 2021 total by about $300,000 and topping the forecast amount by $200,000.

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