Arkansas revenue continues above forecast for January
LITTLE ROCK, Ark. – State revenues in Arkansas continue to trend above forecasted levels despite figures being below what they were at this time last year.
The January report from the Arkansas Department of Finance and Administration shows the state is at a net of $4.09 billion in revenue for the fiscal year. This is $243.9 million below year-ago levels, but $231.2 million above what was forecast. The state’s fiscal year runs from July 1 to June 30.
For January alone, the state brought in $667.3 million, which is $14.8 million above what was forecast, but $61.8 million below January 2023 figures.
Revenue categories provide insight into where the state gained and lost.
Individual income tax collections for the year to date have been $2.11 billion, including $379.8 million for January. For the year, this is $113 million above projections, despite being $2.5 million below what was forecasted for January.
Income tax refunds, however, are $232.5 million for the year to date, including $7.1 million in refunds for January. This is above what was forecast for the fiscal year by $34.5 million, including $2.5 million above what was forecast for January.
“Refund claims above forecast has a negative effect on net revenue results,” the report states.
Sales and use tax at $2.04 billion is 2.5% above the forecast for the year. Corporate income tax shows a particularly large jump, with its $392.2 million being 46.9% above what was forecasted for this point of the year.
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