The Arkansas Department of Finance and Administration’s monthly revenue report shows a decline in state revenue compared to last year, although it remains above projections.
The report, covering the period through November 14, reveals that net available general revenues for the first nine months of the fiscal year total $2.737 billion. This figure is $25.3 million, or 0.9%, lower than at the same point last year. However, revenues are still $10.9 million, or 0.4%, above the forecast.
Gross general revenues for the period amounted to $3.249 billion, reflecting a decrease of $74.5 million from 2023, but surpassing the forecast by $11.4 million.
The report attributes the year-over-year revenue decline to recent tax cuts implemented in the state.
In terms of individual income tax, collections reached $1.371 billion, exceeding the forecast by $3.3 million. Individual tax refunds totaled $154 million, which was $1 million below expectations.
Corporate income tax revenue stood at $169.1 million, a decrease of $38.2 million from last year, but still $3.2 million above forecast. Corporate refunds were $27.1 million, an increase of $1.9 million compared to the previous year.
On a positive note, sales and use tax revenue increased, reaching $1.469 billion, which is $24.6 million higher than the same period in 2023 and $5.4 million above forecast.
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