by Michael Tilley (mtilley@talkbusiness.net)

Arkansas began its fiscal year in July with sales tax revenue of $615.9 million, up 2.6% compared with July 2021, and 3% above the forecast. After ending the previous fiscal year in June with a $1.62 billion surplus, the surplus after July stands at $26.6 million.

The Arkansas Department of Finance and Administration reported Tuesday (Aug. 2) the tax revenue which showed gains above forecast in the key categories. Individual income tax revenue was $253.1 million in July, up 4.7% compared with July 2021 and up 4.7% above forecast.

Sales and use tax revenue was $272.4 million, up 4.7% above July 2021 and also 4.7% above the forecast. Corporate tax revenue was $35.1 million, down $4.8 million compared with July 2021 and $2 million above the forecast.

https://talkbusiness.net/2022/08/arkansas-tax-revenue-up-2-6-in-july-3-above-forecast/