Arkansas tax revenue fell in September compared to the same month last year, but collections still exceeded forecast amounts, the state Department of Finance and Administration reported Wednesday.
Net available general revenue was $691.6 million for the month, a 2% decrease from last year. The figure surpassed the forecast by $7.8 million, or 1.1%.
Year-to-date, net available revenue was $1.735 billion, a 2.3% drop from last year but still $17.7 million above forecast, buoyed by strong individual income tax payments, the report said.
Gross general revenue in September totaled $783.2 million, down 2.3% from a year ago but 1% above forecast. Year-to-date gross revenue was $2.003 billion, down 2.6% from the same period last year but above forecast by $19.3 million.
Sales and use tax collections totaled $279.3 million, down $17.6 million from the previous year and $17.5 million, or 5.9%, below forecast. The department attributed the shortfall partially to a large economic development incentive refund for purchases from a previous year. Without the refund, sales and use tax collections would have been closer to forecast, the department said.
Individual income tax collections for the month reached $366 million, a 4.6% increase from last year, and 8.1% above forecast. Withholding tax revenue grew by $13.8 million, or 6.1%, compared to last year.
Corporate income tax collections amounted to $102.3 million, down $17.7 million from last year and $3.7 million below forecast. Corporate refunds totaled $2.7 million, about $700,000 higher than the previous year.
Among smaller revenue sources, tobacco tax collections saw a slight decline, totaling $15.2 million, about $600,000 lower than last year but about $100,000 above forecast.
Gaming tax revenue was $4.2 million, up from $4 million a year ago and about $100,000 above forecast.
This article was written with assistance from ChatGPT.
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