Sales tax gains push Arkansas tax revenue up 4.4% in August report

by Talk Business & Politics staff (staff2@talkbusiness.net)

Arkansas tax revenue in the first two months of the fiscal year (July-August) is $1.23 billion, up 3.5% thanks in large part to an 8.5% increase in sales and use tax collections. The year-to-date tax revenue is also 3.3% above the budget forecast.

After ending the previous fiscal year in June with a $1.62 billion surplus, the surplus after the first two fiscal months is 46 million, according to Friday’s (Sept. 2) report from the Arkansas Department of Finance and Administration (DFA).

Individual income tax revenue in the first two months was $518.5 million, up 2.3% compared to the same period in 2021, and 1% above the budget forecast. Sales and use tax revenue in the first two months was $560.5 million, up 8.5% compared with the same period in 2021 and up 6.9% above the forecast. Corporate income tax revenue was $42.1 million, down $9 million compared to the same period in 2021, and 0.5% below the forecast.

https://talkbusiness.net/2022/09/sales-tax-gains-push-arkansas-tax-revenue-up-4-4-in-august-report/