State tax revenue runs ahead of forecast | Arkansas Blog

Wednesday, March 2, 2016

State tax revenue runs ahead of forecast

Posted By on Wed, Mar 2, 2016 at 10:55 AM

The state's Department of Finance and Administration today released its February General Revenue Report. 

Net available general revenues top $3 billion, which is $74.4 million, or 2.2 percent, above a year ago. Eight months into the fiscal year, net available revenue is above the forecast (revised on Feb. 1) by $31.8 million. 

In February, net revenues totaled $279.9 million, $61.6 million of 28.2 percent above last year and $31.8 million of 12.8 percent above the forecast. 

"Results in February were above forecast because of declines in income tax refunds," the DF&A report stated "Collection results were well below forecast in Individual Income tax and Sales and Use tax. Corporate Income tax was above foreacast in an otherwise low collection month for that category." 

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