Arkansas tax revenue fell in October compared to the same month last year, but collections still exceeded forecast amounts, the state Department of Finance and Administration reported Tuesday.
Net available general revenue in the month totaled $489.3 million, down $22.9 million, or 4.5%, from last year and $5.4 million, or 1.1%, above forecast.
Year-to-date, net available general revenue was $2.24 billion, down $64.5 million, or 2.8%, from the same time last year.
In October, gross general revenue totaled $628.3 million, down $31.6 million, or 4.8%, from last year but $9.2 million, or 1.5%, above forecast. Gross revenue collections this year are down primarily due to corporate and individual income tax cuts, the department said.
Sales and use tax collections in October totaled $298.1 million, up $11.7 million from last year and above forecast by $8.3 million, or 2.9%.
Individual income tax collections came to $275.2 million. Collections decreased by $31 million, or 10.1%, compared to last year. Compared to the forecast, collections were $11.2 million, or 4.2%, above forecast.
Individual withholding tax revenue decreased by $27.5 million, reflecting the downward effects of a payday timing shift and recent tax cuts, according to the department. Tax refunds in the category added up to $69 million, down $8.6 million from last year and $2.7 million higher than forecast.
Corporate income tax collections totaled $22.5 million, a decrease of $11.9 million from year ago and $10.4 million below forecast. Tax refunds in the category totaled $5.1 million, an amount that’s $1.2 million higher than year-ago levels and $1.2 million above forecast.
Among smaller revenue sources, tobacco tax collections, totaled $17 million. Collections increased by about $700,000 from a year ago and were above forecast by $1.4 million. Gaming tax revenue was $4.1 million, up about $100,000 from a year ago and in line with the forecast amount.
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