State revenue up sharply in December | Arkansas Blog

Wednesday, January 4, 2012

State revenue up sharply in December

Posted By on Wed, Jan 4, 2012 at 9:53 AM

December tax receipts were up sharply — 9.5 percent increase in gross revenues over the same month last year and 8.1 percent above forecast. The full report here makes no mention of anomalies to discount this improvement. This sounds like positive news to me:

Growth was above forecast among all major revenue categories as good growth in individual and corporate income collections coincided with slightly better than expected growth in gross receipts (sales tax). As indicators of economic conditions in the state, individual withholding was up 6.1 percent and gross receipts were up 4.0 percent compared to year ago. Estimated payments were notably high for both individual income tax and corporate income tax.

For the fiscal year, gross revenues are up 3.7 percent over the first six months and 1.7 percent above forecast.

John Shelnutt, the state's director of economic analysis, added a note of caution, however. He said the December number was driven by corporate and individual estimated tax payments, a sometimes volatile number that could be offset by refunds in the future. The retail sales growth rate of about 4 percent mirrors the national performance. He called it a moderate number, but "not great."

Tags:

From the ArkTimes store

Favorite

Comments (5)

Showing 1-5 of 5

Add a comment

 
Subscribe to this thread:
Showing 1-5 of 5

Add a comment

More by Max Brantley

Readers also liked…

  • LR speakers blast state board for double standard

    A series of speakers, beginning with Sen. Joyce Elliott, denounced what they saw as a hidden agenda favoring charter schools at the state Department of Education and asked the state Board of Education for return of local control.
    • May 12, 2016
  • Today in Trump: Obstruction of justice anyone?

    It's the New York Times with the news today. Fired FBI Director James Comey kept notes of his talks with Donald Trump. A memo he wrote in February after a meeting with Trump said the president asked him to shut down the investigation into Michael Flynn, his former national security adviser.
    • May 16, 2017
  • Saturday's open line

    Got any thoughts? Put them here.
    • May 21, 2016

Most Shared

  • Industrial hemp pilot program coming soon to Arkansas

    One of the booths at this week's Ark-La-Tex Medical Cannabis Expo was hosted by the Arkansas Hemp Association, a trade group founded to promote and expand non-intoxicating industrial hemp as an agricultural crop in the state. AHA Vice President Jeremy Fisher said the first licenses to grow experimental plots of hemp in the state should be issued by the Arkansas State Plant Board next spring.

Most Viewed

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation