Arkansas’ net available general revenue in March totaled $431.4 million, down $20.6 million, or 4.6%, from the same month last year, the state Department of Finance and Administration reported Wednesday.
The sum was $26.7 million, or 6.6%, above forecast. The higher-than-expected revenue was primarily due to lower-than-anticipated individual income tax refunds.
Gross general revenue totaled $638.3 million, a decline of $50.6 million, or 7.3%, from last year and $27.4 million, or 4.1%, below forecast. The shortfall was driven by weaker-than-expected sales and use tax collections, the department reported.
Other revenues were within $1 million of projections.
Individual income tax collections totaled $281.9 million, down $20.8 million, or 6.9%, from a year ago, reflecting the impact of a withholding rate reduction and one fewer payday in the month. Collections came in $2.6 million, or 0.9%, above forecast.
Individual income tax refunds totaled $132.4 million, falling $24.1 million from last year. The sum was $41.9 million under forecast, contributing to the higher-than-expected net revenue results.
Sales and use tax collections totaled $275.5 million, down $19.8 million, or 6.7%, from last year and $26.6 million, or 8.8%, below forecast. Most major categories saw declines, though motor vehicle sales tax collections rose 27.7%, the department reported. The month’s results included a $2.5 million one-time refund related to a prior tax period.
Corporate income tax collections totaled $26.9 million, down $9.1 million from last year and $1.7 million below forecast.
Corporate income tax refunds totaled $3.2 million, falling $6.7 million from last year. The total was $12.3 million below forecast.
Among smaller revenue sources, tobacco tax collections totaled $13.6 million, down $1.9 million from last year and $1 million below forecast. Gaming revenue was $5.3 million, up about $100,000 from last year and below forecast by $100,000.
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