State continues to lag in tax collections | Arkansas Blog

Thursday, March 2, 2017

State continues to lag in tax collections

Posted By on Thu, Mar 2, 2017 at 9:39 AM

The state's tax take in February didn't reverse a trend: money is still running well behind the forecast on which the state budget is based after seven months of the budget year. This means there's no extra money for the likes of highways, tax cuts and other baubles.  But Gov. Asa Hutchinson did say that he thought things stable enough that a budget cut won't be required.

Gross revenue of $4.08 billion through February was$29.3 million, or .7 percent more than the same period last year. But it was $50.8 million, or 1.2 percent below the forecast.

Also: In February alone, income was well ahead of last February in both actual dollars and forecast. The net was $40 million above forecast, for example. But this reflects an oddity in timing of payroll withholdings and is not a reflection of an actual big growth in income. It does more than offset a lower-than-normal report in January based on similar timing circumstances.

The sales tax, a reliable indicator of economic activity (at least it was until the Internet started depleting local sales) was below the forecast by almost 2 percent.


Tags:


Favorite

Comments (5)

Showing 1-5 of 5

Add a comment

 
Subscribe to this thread:
Showing 1-5 of 5

Add a comment

More by Max Brantley

Readers also liked…

  • Is Arkansas in or out on Kobach voter data effort?

    The Washington Post has published a map that counts Arkansas as among states that will "partially comply" with a sweeping request for voter data by the so-called election integrity commission set up by Donald Trump in an effort to cast doubt on Hillary Clinton's 3 million-vote popular defeat of him in 2016.
    • Jul 2, 2017
  • Greenbrier's paddling of student protester goes worldwide

    The paddling of Greenbrier High School students who joined in te national school walkout Wednesday has produced headlines worldwide.
    • Mar 17, 2018
  • Rep. Mary Bentley's website now supports gay rights

    Somebody has cybersquatted on Republican Rep. Mary Bentley's website, replacing her messaging with a call for equal rights for LGBTQ people.
    • Jul 18, 2017

Slideshows

Most Recent Comments

 

© 2019 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation