KUAR | By Talk Business & Politics Staff
Arkansas’ fiscal year-to-date (July 2024-September 2024) tax revenue is down 2.6% compared with the same period in the previous fiscal year. September collections were down 2.3% with the decline primarily from lower sales and use and corporate tax receipts.
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Total revenue in the fiscal quarter was $2.003 billion, down 2.6% compared with the same period in the previous fiscal year, but 1% above the budget forecast, the Arkansas Department of Finance and Administration (DFA) reported Wednesday (Oct. 2).
Income tax revenue in the first fiscal quarter was $851.4 million, down 3.5% compared with the same period in the previous fiscal year and 3.9% above the forecast. Sales tax revenue in the quarter was $876.4 million, up 0.6% compared with the same period in the previous fiscal year and 0.6% below the forecast. Corporate income tax collections totaled $129.3 million, $31.3 million below the same period in the previous fiscal year and 6% below the forecast.