State tax revenues dip in April | Arkansas Blog

Friday, May 2, 2014

State tax revenues dip in April

Posted By on Fri, May 2, 2014 at 9:54 AM

Partly on account of tax payment quirks, Arkansas revenue collections in April — traditionally the year's biggest month — were down sharply from the same month in 2013, as forecasters had predicted. Sales and use tax collections, a good barometer of economic activity, were up 4.8 percent in the month over the month in 2013.

The Department of Finance and Administration explained an 11.3 percent drop in comparable months, a total that was only $600,000, or .1 percent, off the state's forecast:

Results in April, the largest collection month of the year, reflect adequate forecast  provision for the anticipated decline from Individual Income tax collections in the prior  year. Income tax shift from taxpayer strategy in the prior year added to FY 2013 results  as a one-time boost and presented a challenge to current fiscal year prediction. The  outcome of this one-time shift is reflected in the latest April results as a $101.7 million
decline in Individual Income tax revenue compared to year ago results. The 17.9  percent decline was mostly anticipated and further offset by lower-than-expected  Individual Income tax refunds. 

For the first 10 months of the fiscal year, the state gross tax take for the year was $51.3 million, or 1 percent, more than last year and .9 percent ahead of forecast. But the net, after required payments taken off the top of tax collections, are ahead of forecast by 1.9 percent.

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