The Arkansas Capitol building in Little Rock.
The state Department of Finance and Administration reported Wednesday that January net available general revenue of $715.4 million was $188.7 million, or 35.8%, above forecast.
That figure was also up 12.5% year-over-year.
All major collection categories were above the revised forecast last month, but the agency noted in particular that individual income tax collections benefitted from gains in estimated payments and payroll withholding. Withholding revenue increased 13.4% from January 2021 partially because of payday timing differences, according to the report.
Individual income tax collections totaled $445.8 million, up 11.1% year-over-year and 38.5% above forecast.
Sales tax collections came in at $268.7 million, which is 13.4% above the same month last year and 14.6% above forecast. The department reported that growth was mixed, with gains in retail trade, services and transportation but declines in motor vehicles sales tax, utilities and accommodations and restaurants.
January’s corporate income tax collections, at $29.2 million, were down 42.9% from January 2021 but 61.1% above forecast. The report cites quarterly corporate estimated payments as the main reason this category was above forecast.
Among smaller revenue sources, tobacco was above forecast by $1.3 million and above collections a year ago. Results in gaming revenue were above forecast for the month by $200,000.
Fiscal year-to-date net available general revenue was $4.13 billion, 7.1% above the same time last year and 6.2% above forecast.
Sign up for Daily E-news
