State Tax Collections Continue Flat In November

State tax collections in November were mostly flat ahead of the all-important Christmas shopping season as Arkansas households appear reticent to hike spending during the holiday although consumer confidence across the U.S. is near 16-year highs.

Through November, the fifth month of the state’s 2018 fiscal year that began July 1, year-to-date available general revenues were $2.17 billion, up 1%, or $20.8 million above year ago levels. However, revenue collections were down 1.2%, or $26.8 million below forecast from July to November.

Despite the flat collections, Arkansas saw “good growth” in payroll withholding tax collections that reflect a solid job market, said John Shelnutt, director of economic analysis and tax research for the state Department of Finance and Administration (DFA). Shelnutt said sales tax collections in November were above year ago by 2.8%, but slightly below forecast due to large refunds processed this month.   MORE

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