State taxes continue slide | Arkansas Blog

Wednesday, September 2, 2009

State taxes continue slide

Posted By on Wed, Sep 2, 2009 at 10:13 AM

The August state revenue report -- the second month of the fiscal year -- continues the downward trend, sharply. Net and gross amounts are well below last year and the pessimistic forecast.

A particular sore spot, it seems to me, is a gross receipts number -- 10 percent below forecast. We've been seeing this all over the state in local sales tax collections. Governments are going to have some adjusting to do if this continues much longer.

Here are the details.

UPDATE: Guv's office says:

Two months of data is insufficient to draw any conclusions about economic trends. Governor Beebe monitors State receipts on a daily basis and remains cautiously optimistic about the forecast for this fiscal year.

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