Arkansas Tourism Ticker: 2% tourism tax revenue sets a new record in 2023

by Michael Tilley (mtilley@talkbusiness.net)

Arkansas’ 2% tourism tax revenue between January and December was $25.446 million, up 5.8% compared with the $24.049 million in 2022. Revenue in each month of 2023 set a new record, with those gains compared to record numbers in 2022.

The 2% revenue was boosted in part by 13.7% and 8% year-over-year gains, respectively, in Benton and Pulaski counties.

A record for monthly 2% collections was set in June 2023 with $2.71 million. The state’s 2% tourism tax revenue fell almost 23% in 2020, and fell to levels not seen since 2014. Also, the 2023 2% revenue is up 50% compared with the $12.716 million in 2013.

Arkansas Tourism Ticker: 2% tourism tax revenue sets a new record in 2023

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 tax revenue surplus tops $250 million; collections up 8.3% in February report

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

Arkansas consumers continue to spend in the face of persistent inflation. The state’s sales tax revenue in the first eight months of the fiscal year is up 9.3%, with February sales tax revenue up 13.1%. Overall tax revenue in February was up 8.3%.

Another month, another similar growth story with Arkansas’ tax revenue. Total revenue in the February report was $807 million, up 3.2% compared to what was a healthy February 2021, and up 9.6% above the budget forecast.

In the February revenue report posted Thursday (March 2) by the Arkansas Department of Finance and Administration (DFA) reported that “collections were above forecast in all major collection categories.” It’s a phrase that has become common with the DFA revenue reports.

https://talkbusiness.net/2023/03/arkansas-tax-revenue-surplus-tops-250-million-collections-up-8-3-in-february-report/

Arkansas’ natural gas severance tax revenue on pace to set a new record

by Michael Tilley (mtilley@talkbusiness.net)

Arkansas’ natural gas severance tax revenue is on track in fiscal year 2023 to set a new record and top $100 million if trends continue in the next four months. The gain comes in the face of industry criticism that President Joe Biden’s energy policies would curtail production.

Through the first eight months of the fiscal year (July 2022-February 2023), the natural gas severance tax has generated $61.556 million, or an average of $8.46 million a month. The average is well ahead of the $6.552 million in fiscal year 2015, when collections set a record of $78.634 million.

Fiscal 2023 is part of a two-year trend in which revenues have recovered from a dramatic decline that began in fiscal year 2016 when revenue was $31.858 million, well below the 2015 record. Revenues reached a recent low of just $14.067 million 2020.

https://talkbusiness.net/2023/03/arkansas-natural-gas-severance-tax-revenue-on-pace-to-set-a-new-record/

‘High growth’ in sales tax collections pushes Arkansas tax revenue up 6.4%

by Michael Tilley (mtilley@talkbusiness.net)

If the economy is slowing, no one told Arkansas businesses and consumers. In the December report, fiscal year-to-date Arkansas tax revenue totaled $4.145 billion, up 6.4% compared with the same period in 2021 and 3.3% above forecast.

Individual income tax revenue in the first six months of the fiscal year (July-December) was $1.768 billion, up 4.3% compared with the same period in 2021 and 1.9% above the budget forecast, according to Wednesday’s (Jan. 4) report from the Arkansas Department of Finance and Administration (DFA). The report said the net available revenue – surplus – at the end of the first six months was $125.2 million.

Sales and use tax revenue in the first six months was $1.691 billion, up 8.7% compared with the same period in 2021 and up 1.2% above the forecast. Corporate income tax revenue in the first six months was $406.9 million, up $34.9 million compared to the same period in 2021 and 20.6% million above the forecast.

https://talkbusiness.net/2023/01/high-growth-in-sales-tax-collections-pushes-arkansas-tax-revenue-up-6-4/

Arkansas Tourism Ticker: Early 2022 numbers show broad recovery in Arkansas’ tourism sector

by Michael Tilley (mtilley@talkbusiness.net)

Hospitality tax collections and tourism job numbers in the first two months of 2022 show a post-COVID-19 recovery, with double-digit percentage gains in tax revenue compared to the pre-pandemic months of January and February 2020.

Arkansas’ 2% tourism tax revenue in January and February was $2.704 million, up 48% compared with the $1.827 million in the same period of 2021 and up 17.6% over the same period in 2019. The 2021 collections of the tax ($20.544 million) set an annual record for the tax, and January and February 2022 set new monthly records.

January-February hospitality tax collections among 17 cities surveyed for the Arkansas Tourism Ticker were up 27.3% compared with the same period in 2021, and up 14.5% compared with the same period in 2020.

https://talkbusiness.net/2022/05/arkansas-tourism-ticker-early-2022-numbers-show-broad-recovery-in-arkansas-tourism-sector/