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State Tax Revenue Flat in November

1 min read

The Arkansas Department of Finance and Administration on Monday reported November net available general revenue of $473.4 million, up $1.3 million, or 0.3%, from a year ago.

Collections came in above forecast by $28.3 million, or 6.4% higher than projected.

The department reported that gross general revenue in the month totaled $606.6 million, an increase of $25.5 million, or 4.4%, from the same month a year ago. The figure was $28.1 million, or 4.9%, above forecast.

In a statement, Department of Finance and Administration Secretary Jim Hudson said, “Our November and fiscal year-to-date revenue results remain above forecast, with sales tax collections in particular showing a healthy Arkansas economy.”

In November, all major collection categories were above forecast.

Sales tax collection collections totaled $287.2 million, an increase of $18.3 million, or 6.8%, above last year. That beat the projected amount by $17 million, or 6.3%. Gains were broad-based, with motor vehicle sales tax collections up 14.6% from a 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 November 2022.

Corporate income collections totaled $12.2 million, up $2.2 million from a year ago and $3.4 million above forecast.

Among smaller revenue sources, tobacco tax collections totaled $16.9 million, higher than a year ago and about $1.3 million above forecast.

Gaming tax revenue came in at $3.9 million, higher than in November 2022 and in line with the forecast amount.

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