LITTLE ROCK, Ark. (TBP/KAIT) – Despite rising prices across the board, Arkansas’ tax revenue surplus is up from the previous year.
According to content partner Talk Business and Politics, the state’s total revenue in the first quarter of the fiscal year (July to Sept. 2022) was $2.08 billion, up 6.4% compared to the same period in 2021 and up 9.2% above projected numbers.
State tax coffers ended the previous fiscal year in June with a $1.62 billion surplus.
A report from the Arkansas Department of Finance and Administration also stated individual income tax revenue in the quarter was $879.9 million, up 4.8% compared to the same period in 2021, and 5.3% above the budget. The net available revenue at the end of the quarter was $174.8 million.
The report also stated sales and use tax revenue in the first quarter was $849.2 million, up 9.5% compared with the same period in 2021 and up 8.4% above the forecast. Quarterly corporate income tax revenue was $206.9 million, up $15.8 million compared to the same period in 2021, and 44.9% above the forecast.
“Most major reporting of Sales Tax displayed high growth over the prior year, reflecting continuing economic expansion in many sectors. Motor vehicle sales tax collections were up 2% from a year ago September,” John Shelnutt, DFA administrator of economic and tax research, noted in Tuesday’s report.
September revenue was $849.6 million, 11% more than September 2021 and 19% above forecast. September individual income tax revenue was $361.4 million, up 8.6% compared to September 2021 and 12% above forecast.
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