The Arkansas Department of Finance and Administration on Tuesday reported March net available general revenue of $452 million, up $34.4 million, or 8.2%%, from the same month a year ago.
The figure was above forecast by $67.2 million, or 17.5%.
Gross general revenue for the month totaled $688.8 million, an increase of $21.3 million, or 3.2%, from last year. Collections were above forecast by $60.1 million, or 9.6%, primarily due to higher sales tax and individual income tax collections.
Sales tax collections came in at $295.3 million, up $11.9 million from March 2023. That topped the forecast amount by $19.9 million million, or 7.2 %. The department said
major reporting sectors for sales tax collections grew from the same month a year ago. Motor vehicle sales tax collections were down 19.2 %.
Individual income tax collections totaled $302.7 million in March, up $26.8 million, or 9.7%. The department said that individual withholding tax revenue increased by $23.3 million, or 10.4%, from a year ago. Collections in the category were 14.3% above forecast.
Corporate income tax collections added up to $36 million in March, a decrease of $13 million from a year ago. The figure was $5.4 million above forecast.
Individual income tax refunds totaled $156.5 million, down $19.8 million from last year and $1.6 million below forecast. Corporate income tax refunds came to $9.8 million, up $2.3 million from a year ago and $4.4 million below forecast.
Among smaller revenue sources, tobacco tax collections totaled $15.5 million, lower than a year ago and $2.4 million below forecast.
Gaming tax revenue came in at $5.2 million, slightly higher than March 2023 but below forecast by about $100,000.
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