State tax collections up in May | Arkansas Blog

Tuesday, June 2, 2015

State tax collections up in May

Posted By on Tue, Jun 2, 2015 at 9:36 AM

The state revenue report for May was encouraging for those banking on revenue growth to cover tax cuts and pay for increased spending, corporate welfare handouts and the like.

Gross revenue in May of $427.5 million was $2.2 million, or .5 percent more than last year, but $14.8 million, or 3.6 percent above forecast. The net revenue, after mandatory deductions for certain state agencies, was $40 million above forecast. The sales tax, a good barometer, was up 4.4 percent over last year. There will be a big surplus June 30, with net for the year $40 million ahead of a revised forecast with a month to go.


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