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

Arkansas began the new fiscal year with total tax revenue of $643.3 million in July, up 4.5% compared with July 2022 and 3.5% above the budget forecast, according to a report posted Wednesday (Aug. 2) by the Arkansas Department of Finance and Administration (DFA).

“All major collection categories were above forecast in July, led by Individual Income Tax at $13.0 million above forecast. Sales Tax collection growth was broad-based but notably above a year ago in Retail Trade, Motor Vehicles, and Restaurant sales. Corporate Income collections were above forecast across all subcategories of filings,” John Shelnutt, DFA administrator of economic and tax research, noted in Wednesday’s report.

Individual income tax revenue in July was $276.2 million, up 9.1% compared with July 2022 and 4.9% above the budget forecast. Sales and use tax revenue was $282.3 million, up 3.6% compared with July 2022 and up 0.6% above the forecast. Corporate income tax revenue was $31.2 million, down $3.9 million compared with July 2022 and $9 million above the forecast.

https://talkbusiness.net/2023/08/arkansas-tax-revenue-up-4-5-to-begin-new-fiscal-year/