Find out more →

Get unlimited access. Become a digital member!

Monday, August 4, 2014

State opens the year flat on tax revenue

Posted By on Mon, Aug 4, 2014 at 9:53 AM

The state revenue report on tax collections in July, the first month of the fiscal year, showed gross revenues up .7 percent over last year and 1.9 percent below forecast.

After off-the-top reductions for mandated payments, net for the general operating budget was 1.7 percent below last year and 2.4 percent below last year.

The explanation:

Results in July were negative overall due to decline in estimated payments in Corporate Income tax and a decline in Sales and Use tax collections.

Individual Income tax collections were on forecast and displayed good growth in the economic-related payroll withholding tax. Smaller revenue sources were mostly above forecast and year ago collections for the month.

Income tax refunds were elevated during July in both Individual and Corporate refunds. This accounted for part of the negative year ago comparison in Net Available funds versus a small gain in gross general revenue. 

Someday, I'd like to see a rigorous look at what migration of sales to the web has meant to sales and use tax collections.

Here's the full July report.



Comments (3)

Showing 1-3 of 3

Add a comment

Subscribe to this thread:
Showing 1-3 of 3

Add a comment

More by Max Brantley

Most Shared

  • The fall of Boehner

    Nothing so became U.S. Rep. John Boehner's tenure as speaker of the House as his manner of leaving it. Subjectively speaking, he has never appeared to believe very much of the nonsense his position required him to utter. An old school politician who literally grew up working in the family bar, his conservatism is of the traditional Midwestern kind — more Bob Dole, say, than Ted Cruz.
  • Warrior

    As a young man, Ted Holder helped Arkansas take some of its first steps toward LGBT equality.
  • Huckawho? Ex-gov is yesterday's flavor

    Given the wild gyrations of the Republican presidential nominating race, I write these words knowing that a future meal of them remains possible, but nonetheless: Mike Huckabee is toast.
  • First Nixon, then Boehner

    Like Richard Nixon's resignation speech 41 years earlier, John Boehner's sudden valedictory from Congress may be said to be the old politician's finest moment.
  • Razorbackula and a tour through the police blotter

    A certain morbid curiosity about crime is one of the few silver linings of living in a place where the per capita crime rate rivals even the shystiest hellhole corners of the country. So that’s our topic for the week, crime reporting.

Most Viewed

Most Recent Comments



© 2015 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation