April revenue report shows state's take this tax season well above forecast | Arkansas Blog

Monday, May 4, 2015

April revenue report shows state's take this tax season well above forecast

Posted By on Mon, May 4, 2015 at 10:37 AM

Arkansas's tax haul for April exceeded expectations, representing a major boost over last year's tax season. At $624 million, the state's take for April is 15 percent higher than was forecast. That's about $54 million more than revenue from April 2014, or a 9.4 percent increase.

The overage in expected revenue more than compensates for a lower-than-expected report for March, which produced revenue -3.5 percent lower than expected.

John Shelnutt at the Department of Finance and Administration said that the state was above forecast in all major categories of revenue. Income tax filings (which were due in April, of course) contributed the largest portion of the gain, giving Arkansas $42 million above forecast.

He cautioned that although corporate income was also above forecast — by $23 million — "we think that was a timing issue — a group of companies paid ahead of when we were expecting it." In other words, the year-to-date bump in corporate tax receipts this month could be erased next month.

Sales tax receipts were also up, in part reflecting a bounce back from the lower-than-expected figures from March. Shelnutt said March revenue came in under forecast largely because of a weather-related dip in sales taxes that month.

Since April's individual income tax figures largely reflect earnings from 2014, this month's revenue report seems to reflect positively on economic performance from last year.

Here's the full report:

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