by Michael Tilley (mtilley@talkbusiness.net)
If the economy is slowing, no one told Arkansas businesses and consumers. In the December report, fiscal year-to-date Arkansas tax revenue totaled $4.145 billion, up 6.4% compared with the same period in 2021 and 3.3% above forecast.
Individual income tax revenue in the first six months of the fiscal year (July-December) was $1.768 billion, up 4.3% compared with the same period in 2021 and 1.9% above the budget forecast, according to Wednesday’s (Jan. 4) report from the Arkansas Department of Finance and Administration (DFA). The report said the net available revenue – surplus – at the end of the first six months was $125.2 million.
Sales and use tax revenue in the first six months was $1.691 billion, up 8.7% compared with the same period in 2021 and up 1.2% above the forecast. Corporate income tax revenue in the first six months was $406.9 million, up $34.9 million compared to the same period in 2021 and 20.6% million above the forecast.
