Arkansas Tax Revenue Up 3.5%

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Year-to-date Arkansas tax revenue continues to trend above expectations even with a March revenue report that was 0.5% below the forecast. Much of the dip in March was tied to income tax refunds that were almost $15 million more than expected.

Gross tax revenue for the first nine months (July 2017-March 2018) of the state’s fiscal year was $4.751 billion, up $159.2 million compared with the same period in the previous fiscal year and 0.7% above forecast, according to figures posted Tuesday (April 3) by the Arkansas Department of Finance and Administration (DFA).

Net available revenue is above forecast by $69.6 million.

Individual income tax revenue for the fiscal year-to-date is $2.322 billion, up 5.2% compared with the previous period and 1.9% above forecast. Income tax refunds year-to-date total $289.4 million, up 10.1% compared with the same period in the previous fiscal year.    MORE

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