The Arkansas Department of Finance and Administration on Monday reported February net available general revenue of $322.8 million, down $79.2 million, or 19.7%, from the same month a year ago.
The figure was above forecast by $10.6 million, or 3.4%.
Gross general revenue for the month totaled $551 million, a decrease of $16.9 million, or 6.4%, from last year. Collections were above forecast by $21.4 million, or 3.7%, due to non-withholding payments.
Sales tax collections were flat compared to February 2023, coming in at $294 million. That topped the forecast amount by $6.7 million, or 2.7 %.
The department reported mixed results in major reporting sectors for sales tax collections. Motor vehicle sales tax collections were up 17% from year ago, while collections
in the utilities sector were down 17.9%, likely in part to the warmer-than-average weather.
Individual income tax collections totaled $245.8 million in February, down $16.9 million, or 6.4%. The department said that individual withholding tax revenue decreased by $19.2 million from a year ago due to income tax cuts taking effect. Still, collections in the category were 4.3% above forecast.
Corporate income tax collections added up to $14.6 million in February, a decrease of $6.5 million from a year ago. The figure was $6.5 million above forecast.
Individual income tax refunds totaled $129.2 million, up $25.2 million from last year and $13.9 million above forecast. Corporate income tax refunds came to $33.4 million, up $26.7 million from a year ago and $2.5 million above forecast. Most of the corporate total was for a refund spanning multiple tax years.
Among smaller revenue sources, tobacco tax collections totaled $14.4 million, higher than a year ago and about $900,000 above forecast.
Gaming tax revenue came in at $4.6 million, lower than in February 2023 and below forecast by about $600,000.
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