State tax haul increases in November | Arkansas Blog

Monday, December 4, 2017

State tax haul increases in November

Posted By on Mon, Dec 4, 2017 at 9:42 AM

State tax revenue showed modest gains in November, with gross revenue in November of $457.8 million. That's 2.1 percent more than the same month a year ago and $1.8 million, or .4 percent, above forecast.

Sales tax revenue — an important barometer — were up 2.8 percent year to year, but 1.4 percent below forecast.

Friday, Gov. Asa Hutchinson ordered a $22 million reduction in the revenue forecast for the year, but didn't order a change in the $5.45 billion budget.

The governor reduced the forecast because of lagging sales and income tax collections.  A budget change wasn't immediately required because adjustments in the forecast also included a reduction in the amount expected to have to be spent on income tax refunds.

For the first four months of the year, gross revenue was up by $39.1 million, or 1.6 percent, but below forecast by $21.1 million.

Here's the full report.

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