State Tax Collections Mostly Flat

One month into the new fiscal year, Arkansas tax collections matched the state’s official forecast as net available general revenues came in just below year ago totals, the Arkansas Department of Finance and Administration reported Friday.

Through the first month of fiscal year 2020, net available revenues were down 1.4%, or $6.5 million at $462.8 million, and flat when compared with the state’s official budget forecast. Gross tax revenue for fiscal year 2019, a key economic indicator that includes collections from all available categories, totaled nearly $520.9 million at the end of July, a decrease of $10.9 million, or 2%, compared to the same period in fiscal 2019 and $1.7 million, or 0.3%, below forecast.

Last month, Arkansas produced a surplus above the maximum allocations available for distribution of $295.4 million going into the new fiscal year, which began on July 1. At the end of the 2019 legislation session, the Arkansas General Assembly endorsed Gov. Asa Hutchinson’s $5.75 billion budget with the overwhelming approval of the Revenue Stabilization Act.     MORE

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