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:

Tags: ,


Favorite

Comments (3)

Showing 1-3 of 3

Add a comment

 
Subscribe to this thread:
Showing 1-3 of 3

Add a comment

More by Benjamin Hardy

Readers also liked…

  • Among the last words from Kenneth Williams: 'Finger Lickin' Good Fried Chicken'

    What's purported to be a final-words essay from condemned prisoner Kenneth Williams was distributed today by Deborah Robinson, a freelance journalist in Arkansas.  He reflects on his execution, his victims, reactions of inmates and big servings of fried chicken, which he says are given to all inmates on execution days.
    • Apr 27, 2017
  • The LR chamber does the public's business. Is it accountable? Blue Hog on the case.

    Matt Campbell, lawyer and Blue Hog Report blogger, has sent a Freedom of Information Act request to Jay Chessir, director of the Little Rock Regional Chamber of Commerce, and Mayor Mark Stodola related to the publicity stunt yesterday  built around withdrawing from the mayor's rash pronouncement that the city would seek an Amazon HQ2 project even though the city  didn't meet the company's criteria.
    • Oct 20, 2017
  • Presidential thriller, co-author Bill Clinton, coming to bookstores in 2018

    June 2018 is the expected publication date for a novel collaboration by former President Bill Clinton and crime writer James Patterson.
    • May 9, 2017

Slideshows

  • Arkansas vs Ole Miss at War Memorial stadium in Little Rock, Saturday, Oct. 13, 2018. After leading for much of the game, Arkansas lost 37-33 when Ole Miss scored the game winning Touchdown with less that 2 minutes left. 
  • Margaret Clark Adventure Park
    New sculptures, preschoolers play area dedicated in Riverfront Park in Little Rock.

Most Recent Comments

  • Re: The Sunday open line

    • Late to the game, but I agree -- great pic, Cato. Down here in Jefferson…

    • on December 9, 2018
  • Re: The Sunday open line

    • Bruce Jenner to be nominated as woman of the year and to appear on the…

    • on December 9, 2018
  • Re: The Sunday open line

    • repeat warning...Rome is Burning. Idiots(deplorables) voted him in, so now they get to eat cake…

    • on December 9, 2018
 

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