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.