Arkansas ends fiscal year with tax revenue surplus just under $700 million

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

Arkansas tax revenue totaled more than $8.7 billion in the fiscal year ending June 30, with the Arkansas Department of Finance and Administration (DFA) reporting Tuesday (July 2) an annual revenue surplus of $698.4 million.

Total revenue in the fiscal year (July 2023-June 2024) was $8.708 billion, down 1.6% compared with the previous fiscal year and  0.2% below the forecast.

“The year-over-year decline in net available and gross general revenues is primarily attributed to the expected effects of income tax cuts passed in 2023,” the DFA noted in the report.

Arkansas ends fiscal year with tax revenue surplus just under $700 million