Arkansas’ tax revenue surplus at $430 million through April

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/

Arkansas ends fiscal budget year with historic $1.628 billion surplus; special session called

by Michael Tilley (mtilley@talkbusiness.net)

The previously estimated Arkansas budget surplus of $1.473 billion grew to a record $1.628 billion, which resulted in Gov. Asa Hutchinson on Tuesday (July 5) calling for an Aug. 8 special session to discuss possible tax cuts.

“Today, I am announcing I will call a special session of the General Assembly to reduce the rate of our tax collection. The special session will be the week of August 8. The specific items on the call in addition to tax relief will be announced at a later time as further discussions are held with the General Assembly,” the governor said in a Tuesday afternoon statement.

A record fiscal year 2022 surplus was thanks in large part to a more than 5% annual growth in income tax revenue and a more than 9% growth in sales tax revenue. Total tax revenue in fiscal year 2022 (July 2021-June 2022) was $8.773 billion, up 8% – or $651.2 million – compared with a robust fiscal year 2021 in which the tax surplus hit the previous record of $945.7 million. The Arkansas Department of Finance and Administration (DFA) reported the fiscal year numbers on Tuesday (July 5).

https://talkbusiness.net/2022/07/arkansas-ends-fiscal-budget-year-with-historic-1-628-billion-surplus-special-session-called-updated/