Arkansas Gross Tax Revenue Up 5.5%

Revenue

Gross tax revenue for 11 months of Arkansas’ fiscal year totaled $6.401 billion at the end of May, up 5.5% compared to the same period in 2018 and 3.1% above the budget forecast. The state’s fiscal year runs from July 1 to June 30th.

Net available revenue during the 11-month period was $5.269 billion at the end of May, up 4.2% compared with the same cycle in 2018, and up $174.4 million, or 3.4%, above the budget forecast, according to Tuesday’s revenue report from the Arkansas Department of Finance and Administration.

DFA economist John Shelnutt said it was a “good month for state revenue collections” with some sales tax revenue shifted from April to May because of the Easter holiday schedule. He also said 4.4% growth in payroll tax revenue indicates an overall healthy economy.     MORE

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