Arkansas’ net available general revenue in October totaled $503.5 million, up $14.3 million, or 2.9%, from last year, the state Department of Finance and Administration (DFA) reported Tuesday.
The sum was $16.6 million, or 3.4%, above forecast.
Gains in corporate income tax and sales tax offset lower individual income tax collections. Most smaller revenue sources were near forecast.
Gross general revenue totaled $629.4 million, up $1.1 million, or 0.2%, from October 2024 and $10.8 million, or 1.7%, over forecast. The department said collections growth was driven primarily by higher sales tax revenue.
Individual income tax collections came to $266.8 million, down $8.4 million, or 3%, from last year. Collections were $4.7 million, or 1.7%, below forecast, reflecting lower than expected return payments potentially impacted by the extended filing deadline of Dec. 3. Refunds totaled $51.1 million, $17.9 million less than last year and $10.4 million below forecast.
Sales and use tax collections totaled $304.3 million, up $6.2 million, or 2.1%, from last year and $8.9 million, or 3%, over forecast.
Corporate income tax collections were $23.9 million, up $1.4 million from last year and $4.1 million above forecast. Refunds totaled $8.4 million, which was $3.3 million higher than last year and $3.8 million above forecast.
Among smaller categories, tobacco tax collections totaled $15 million, down $2 million from last year and $1 million below forecast.
Gaming tax collections totaled $4.2 million, in line with the forecast and about $100,000 higher than a year ago.
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