Icon (Close Menu)

Logout

State Tax Revenue Falls 5.1% in April

2 min read

Correction: Due to an editing error, a previous version of this story incorrectly stated that net available general revenue in April was down $174 million.

The Arkansas Department of Finance and Administration on Thursday reported April net available general revenue of $818.8 million, down $43.6 million, or 5.1%%, from the same month a year ago.

The figure was above forecast by $173 million, or 26.8%.

“Revenue collection significantly surpassed the forecast despite the effects of reduced corporate and individual tax rates and the $150 one-time income tax credit,” Jim Hudson, secretary of the state Department of Finance and Administration, said in a statement. “Additionally, April was a good month for our citizens as more than 305,000 refunds were issue to individual taxpayers.

“That brings total refunds so far in 2024 to 850,579, an increase of 47,300 over last year. We remain optimistic as we enter the last two months of Fiscal Year 2024.”

Gross general revenue for the month totaled $1.11 billion, a decrease of $7.4 million, or 0.7%, from last year primarily due to lower corporate income tax collections. Collections were above forecast by $223.7 million, or 25.1%.

Sales tax collections came in at $300.7 million, up $12.9 million, or 4.5%, from April 2023. That topped the forecast amount by $22.4 million, or 8%. The department reported mixed results for major reporting sectors in the category.

Individual income tax collections totaled $606.7 million in April, up $3.4 million, or 0.6%. Collections were above forecast by $145.2 million, or 31.5 %. The department said that individual withholding tax fell by $11.3 million from a year ago.

Corporate income tax collections added up to $173.4 million in April, a decrease of $24.8 million from a year ago. The figure was $56 million above forecast.

Individual income tax refunds totaled $188.6 million, up $16 million from last year and $33.6 million above forecast. Corporate income tax refunds came to $21.4 million, up $17 million from a year ago and $13.2 million above forecast.

Among smaller revenue sources, tobacco tax collections totaled $15.3 million, lower than a year ago by $1.5 million and below forecast by $1 million.

Gaming tax revenue came in at $6.2 million, higher than April 2023 and above forecast by about $200,000.

Send this to a friend