The Arkansas Department of Finance and Administration on Wednesday reported December net available general revenue of $666.8 million, down 2.6%, or $17.5 million, from the same month the previous year.
Collections were above forecast by $72.3 million, or 12.2%.
The department reported that gross general revenue in the month totaled $768.6 million, a decrease of $4.6 million, or 0.6%, from the same month in 2022. The figure was $73.9 million, or 10.6%, above forecast.
The department reported that gross revenue was down primarily due to lower corporate income tax collections, which came in at $130.7 million. That’s a decrease of $20.8 million
from year ago, but still $37.9 million above forecast.
In December, all major collection categories were above forecast.
Sales tax collections totaled $298.4 million, an increase of $8.8 million, or 3%, above last year. That beat the projected amount by $5.1 million, or 1.7%.
Major reporting sectors showed mostly higher growth over the previous year, reflecting continuing economic expansion in many sectors, the department reported. Motor vehicle sales tax collections were down 12.6% from year ago.
Individual income tax collections totaled $247.6 million, up $2 million, or 0.8%, compared to last year and above forecast by $6.5 million, or 2.7%. Individual withholding tax revenue increased 1.7% compared to December 2022.
Among smaller revenue sources, tobacco tax collections totaled $18.1 million, higher than a year ago and about $2.1 million above forecast.
Gaming tax revenue came in at $3.8 million, higher than in December 2022 and slightly above forecast.
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