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

With just two months remaining in Arkansas’ fiscal year, tax revenue is on track to beat the record collections in the previous fiscal year. Also, the state’s revenue surplus was $430.1 million at the end of April.

Tax revenue in the first 10 fiscal months of the year (July 2022-April 2023) totaled $7.313 billion, up 1.2% compared with the same period in the previous fiscal year and up 5.1% over the forecast, according to a report posted Tuesday (May 2) by the Arkansas Department of Finance and Administration (DFA).

Individual income tax revenue in the first 10 months of the fiscal year was $3.352 billion, down 5% compared to the same period in 2021-2022, and 3.2% above the budget forecast. Sales and use tax revenue in the first 10 months was $2.814 billion, up 7.9% compared with the same period in the previous fiscal year and up 2.2% above the forecast. Corporate income tax revenue in the first 10 months was $712 million, up $53.3 million compared to the same period in 2021-2022, and 32.7% above the forecast.

https://talkbusiness.net/2023/05/arkansas-tax-revenue-surplus-at-430-million-through-april/