State revenue report shows gross tax collections slightly below forecast for November | Arkansas Blog

Friday, December 2, 2016

State revenue report shows gross tax collections slightly below forecast for November

Posted By on Fri, Dec 2, 2016 at 9:56 AM

Arkansas's general revenue report for November shows strength in corporate and individual income tax revenue, but weakness in sales tax figures.

Corporate income tax collections were $2.7 million above forecast and individual income tax collections were $1.6 million over forecast, the report from the state Department of Finance and Administration says. Sales tax collections were $8.7 million below forecast for the month.

Gross revenue collections for last month were 3.1 percent below last year (a $14.5 million decrease) and 1 percent below forecast (about $4.3 million off the projected figure).

For the current fiscal year 2017 (which began July 1), year-to-date gross general revenue is below forecast by 0.8 percent, or $21.1 million. That's about the same percentage behind forecast as in October.

Total year-to-date gross collections are at around $2.5 billion, a $23.4 million increase above last year.

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