Arkansas tax revenue in first fiscal quarter down 2.6%

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.

Arkansas tax revenue in first fiscal quarter down 2.6%

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

Arkansas Tourism Ticker: Tourism tax revenue up more than 7% through April

by Michael Tilley (mtilley@talkbusiness.net)

Arkansas’ 2% tourism tax revenue between January and April was $8.11 million, up 7.4% compared with the $7.547 million in the same period of 2023. Revenue in each of the first four months of 2024 set a new record, with those gains compared to record numbers in 2023.

A record for monthly collections was set in June 2023 with $2.71 million.

The tourism tax revenue in 2023 was $25.446 million, up 5.8% from $24.049 million in 2023. Revenue in each month of 2023 set a new record, with gains compared to record numbers in 2023. A record for monthly 2% collections was set in June 2023 with $2.71 million.

Arkansas Tourism Ticker: Tourism tax revenue up more than 7% through April