Arkansas tax revenue up 4.5% to begin new fiscal year

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/

Sales tax gains push Arkansas tax revenue up 4.4% in August report

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

Arkansas tax revenue in the first two months of the fiscal year (July-August) is $1.23 billion, up 3.5% thanks in large part to an 8.5% increase in sales and use tax collections. The year-to-date tax revenue is also 3.3% above the budget forecast.

After ending the previous fiscal year in June with a $1.62 billion surplus, the surplus after the first two fiscal months is 46 million, according to Friday’s (Sept. 2) report from the Arkansas Department of Finance and Administration (DFA).

Individual income tax revenue in the first two months was $518.5 million, up 2.3% compared to the same period in 2021, and 1% above the budget forecast. Sales and use tax revenue in the first two months was $560.5 million, up 8.5% compared with the same period in 2021 and up 6.9% above the forecast. Corporate income tax revenue was $42.1 million, down $9 million compared to the same period in 2021, and 0.5% below the forecast.

https://talkbusiness.net/2022/09/sales-tax-gains-push-arkansas-tax-revenue-up-4-4-in-august-report/

Arkansas tax revenue up 2.6% in July, 3% above forecast

by Michael Tilley (mtilley@talkbusiness.net)

Arkansas began its fiscal year in July with sales tax revenue of $615.9 million, up 2.6% compared with July 2021, and 3% above the forecast. After ending the previous fiscal year in June with a $1.62 billion surplus, the surplus after July stands at $26.6 million.

The Arkansas Department of Finance and Administration reported Tuesday (Aug. 2) the tax revenue which showed gains above forecast in the key categories. Individual income tax revenue was $253.1 million in July, up 4.7% compared with July 2021 and up 4.7% above forecast.

Sales and use tax revenue was $272.4 million, up 4.7% above July 2021 and also 4.7% above the forecast. Corporate tax revenue was $35.1 million, down $4.8 million compared with July 2021 and $2 million above the forecast.

https://talkbusiness.net/2022/08/arkansas-tax-revenue-up-2-6-in-july-3-above-forecast/

Arkansas officials estimate budget surplus to reach $1.473 billion

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

With all key tax categories showing year-over-year gains through 11 months of Arkansas’ fiscal year, state officials project a fiscal-year end budget surplus of $1.473 billion, according to Thursday’s (June 2) revenue report from the Arkansas Department of Finance and Administration (DFA).

The fiscal year-to-date revenue is $7.876 billion, up 8.5% compared with the same period in 2021 and up 0.1% above a forecast that was revised May 18.

Individual income tax revenue in the first 11 fiscal months was $3.832 billion, up 5.3% from the same period in the previous fiscal year, and 0.1% above the revised budget estimate. Sales and use tax revenue, an indicator of consumer spending, was $2.868 billion in the first 11 months, up 9.2% compared with the previous fiscal year and $1.3 million above the revised budget forecast.

https://talkbusiness.net/2022/06/arkansas-officials-estimate-budget-surplus-to-reach-1-473-billion/

Arkansas’ December tax revenue up almost 19%

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

An almost 20% gain in December sales tax revenue and an almost 12% fiscal year-to-date (July-December) gain in sales tax revenue has pushed overall Arkansas tax revenue up 1.5% over budget estimates.

Revenue in the first six months of the fiscal year was $3.896 billion, up 5.4% compared with the 2020 period, according to Tuesday’s (Jan. 4) report from the Arkansas Department of Finance and Administration (DFA).

Arkansas ended fiscal year 2021 (July 2020 – June 2021) with a revenue surplus of $945.7 million thanks in part to the COVID-19 induced shift in a tax filing deadline from June to December that pushed some of fiscal 2020 income tax payments into 2021.

https://talkbusiness.net/2022/01/arkansas-december-tax-revenue-up-almost-19/

Arkansas Tax Surplus Hits $945 million, With Revenue 20.4% Above Forecast

by Michael Tilley (mtilley@talkbusiness.net)

Arkansas ended fiscal year 2021 with a revenue surplus of $945.7 million thanks in part to a COVID-19 induced shift in a tax filing deadline from April to July that pushed some of fiscal 2020 income tax payments into 2021.

The state’s tax revenue surplus in the previous two fiscal years totals $1.315 billion.

The Arkansas Department of Finance and Administration (DFA) reported Friday (July 2) that gross revenue for fiscal year 2021 (July 2020 to June 2021) is $8.121 billion, up 16.6% compared with the previous fiscal year and up 18.2% over the budget forecast.

https://talkbusiness.net/2021/07/arkansas-tax-surplus-hits-945-million-with-revenue-20-4-above-forecast/

Arkansas Tax Revenue Surplus More Than $700 million; Year-To-Date Collections Up 11%

By TALK BUSINESS & POLITICS STAFF

Calendar shifts with tax filing, an improving economy and federal stimulus payments helped boost April tax revenue almost 20% more than the forecast, and pushed the state’s year-to-date revenue surplus – “net available revenue” collected beyond the estimate – to $716.8 million.

The Arkansas Department of Finance and Administration (DFA) reported Tuesday that gross revenue for fiscal year-to-date (July 2020 to April 2021) is $6.43 billion, up 11.1% compared with the same period in 2019-2020 and up 12.4% over the budget forecast. Part of the gain includes a shift in collections when the 2020 tax due date was moved from April to July, according to the DFA report.

https://www.ualrpublicradio.org/post/arkansas-tax-revenue-surplus-more-700-million-year-date-collections-11

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Arkansas Tax Revenue Surplus Near $550 Million; Year-To-Date Collections Up 7.5%

By TALK BUSINESS & POLITICS STAFF

Tax revenue through the first nine months of Arkansas’ fiscal year is up 7.5%, and the fiscal year-to-date revenue surplus – “net available revenue” collected beyond what was estimated – totaled $549.9 million.

The Arkansas Department of Finance and Administration (DFA) reported that gross revenue for fiscal year-to-date (July 2020 to March 2021) is $5.482 billion, up 7.5% compared with the same period in 2019-2020 and up 11.3% over the budget forecast. Part of the gain includes a shift in collections when the 2020 tax due date was moved from April to July, according to the DFA report.

https://www.ualrpublicradio.org/post/arkansas-tax-revenue-surplus-near-550-million-year-date-collections-75

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Arkansas’ Net Available Tax Revenue Surplus Tops $400 Million

By TALK BUSINESS & POLITICS STAFF

Arkansas’ tax revenue picture continues to be impressive, with gross revenue for the first seven fiscal months (July-January) up almost 10% compared with the same period in 2019-2020. January revenue was up more than 20% above forecast.

The Arkansas Department of Finance and Administration reported Tuesday that gross revenue for fiscal year-to-date is $4.419 billion, up 9.7% compared with the same period in 2019-2020 and up 12.1% over the budget forecast. Tuesday’s report also showed a fiscal year-to-date revenue surplus – “net available revenue” collected beyond what was estimated – of $421.8 million.

https://www.ualrpublicradio.org/post/arkansas-net-available-tax-revenue-surplus-tops-400-million

The Arkansas Department of Finance and Administration reports the state took in $635.8 in net available general revenues in January.

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Arkansas’ Gross Tax Revenue Up Almost 12% For The Fiscal Year

Gains in retail and vehicle sales, along with a shift in individual income tax payments, continue to show up in Arkansas tax revenue that beats estimates. For the first five fiscal months (July-November), gross revenue is up almost 12% compared with the same period in 2019.

The Arkansas Department of Finance and Administration reported Wednesday that gross revenue for fiscal year-to-date is $3.092 billion, up 11.9% compared with the same period in 2019 and up 11% over the budget forecast.

https://www.ualrpublicradio.org/post/arkansas-gross-tax-revenue-almost-12-fiscal-year

Arkansas' Gross Tax Revenue Up Almost 12% For The Fiscal Year

Gains in retail and vehicle sales, along with a shift in individual income tax payments, continue to show up in Arkansas tax revenue that beats estimates. For the first five fiscal months (July-November), gross revenue is up almost 12% compared with the same period in 2019.

Arkansas’ ‘Remarkable’ Tax Revenue Up Almost 18% In The First Fiscal Quarter

Arkansas tax revenue continues to beat prior-year levels and forecasts despite an economy weighed down by the COVID-19 pandemic. Tax collections during the first quarter (July-September) of the fiscal year provided $158.8 million more in available revenue than expected.

The gross general revenue was $1.993 billion, up 17.7% compared to the same period in 2019, and up 11.6% above the budget forecast, according to Friday’s (Sept. 2) report from the Arkansas Department of Finance and Administration (DFA).

https://www.ualrpublicradio.org/post/arkansas-remarkable-tax-revenue-almost-18-first-fiscal-quarter

Arkansas' 'Remarkable' Tax Revenue Up Almost 18% In The First Fiscal Quarter

Arkansas tax revenue continues to beat prior-year levels and forecasts despite an economy weighed down by the COVID-19 pandemic. Tax collections during the first quarter (July-September) of the fiscal year provided $158.8 million more in available revenue than expected.