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State Revenue in January 19% Above Forecast

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The state Department of Finance and Administration said Tuesday that January net available general revenue was $635.8 million, $41.2 million above January 2019 and $102.5 million — or 19.2% — above forecast.

Year-to-date net available general revenue was nearly $3.86 billion, 8.4% above the same time last year and 12.3% above forecast. The department said the results include net collection increases tied to the income tax due date shift from July to April in the previous fiscal year.

Arkansas’ current fiscal year began July 1.

All major collection categories were above forecast last month.

January sales tax collections came in at 5.6% above the same month last year and 7.5% above forecast.

The report said individual income tax collections for the month were $86.8 million above forecast, and corporate income tax collections were $23 million above projections.

The January report continues to show Arkansas collections ahead of forecast. The forecast had been revised on March 23 because of the COVID-19 pandemic; it was revised again, on June 30, up by $240 million.

The department previously reported that total collections were 7.3% ahead of forecast for December, 12.5% ahead in November, 18% ahead in October, 12% ahead in September, 9.2% ahead in August and 8.6% ahead in July.

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