State opens new budget year with increase in tax collections | Arkansas Blog

Friday, August 2, 2013

State opens new budget year with increase in tax collections

Posted By on Fri, Aug 2, 2013 at 10:45 AM

The state report on tax revenue for July shows money came in ahead of last year and ahead of forecast.

July Net Available General Revenues total $410.2 million, $6.4 million or 1.6 percent above last year and $7.6 million or 1.9 percent above forecast.

Results in July were mixed, as Individual Income tax fell slightly below forecast, Corporate Income tax and Sales tax slightly exceeded, and income tax refunds contributed to gains by detracting from revenue growth less than expected.

Monthly timing factors contributed to the mixed pattern, as individual withholding was below forecast and below year ago results. Payday timing effects on collections cause monthly swings and added volatility that is not present in the Official Annual Forecast. It is a short-term factor for collections.

Sales and Use tax collections were encouraging at 4.5 percent growth versus year ago and slightly above forecast. The results include high growth from the motor vehicle portion of sales tax.

These numbers may not signal a boom, but they don't signal a bust either.

Tags:


Sign up for the Daily Update email
Favorite

Comments (2)

Showing 1-2 of 2

Add a comment

 
Subscribe to this thread:
Showing 1-2 of 2

Add a comment

More by Max Brantley

Readers also liked…

  • Arkansas: Land of .......

    Welcome to Arkansas: Land of cowardly politicians, discriminatory laws, inhumane turkey drops and lots and lots of Trump voters.
    • Oct 8, 2016
  • Arkansas Supreme Court refuses to rehear invalidation of marijuana act

    The Arkansas Supreme Court today denied a request to rehear its decision invalidating Issue 7, the medical marijuana initiated act.
    • Nov 3, 2016
  • Trump immigration protest at LR: Quick and fierce

    It was not even 24 hours ago that Sophia Said, director of the Interfaith Center; City Director Kathy Webb and others decided to organize a protest today of Donald Trump's executive order that has left people from Muslim countries languishing in airports or unable to come to the US at all — people with visas, green cards,a  post-doc graduate student en route to Harvard, Google employees abroad, families. I got the message today before noon; others didn't find out until it was going on. But however folks found out, they turned out in huge numbers, more than thousand men, women and children, on the grounds of the state Capitol to listen to speakers from all faiths and many countries.
    • Jan 29, 2017

Most Viewed

Most Recent Comments

Slideshows

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation