Finance office: Arkansas revenue dips at start of year
LITTLE ROCK, Ark. (AP) — Arkansas’ finance office says the state’s revenue dropped in January after sales and individual income tax collections came in lower than expected.
The Department of Finance and Administration said Monday that the state’s net available revenue last month totaled $554.1 million. That’s $29.2 million below the same month last year and $13.1 million below forecast.
Arkansas’ net available revenue for the fiscal year totaled $3.4 billion and is $3.9 million above forecast.
Individual income tax collections in January totaled $342.2 million, $41 million below the same month last year and $22 million below forecast. The department says the collections reflect sharply lower payments related to taxpayer strategy surrounding the federal tax cuts enacted in late 2017.
Sales tax collections were above the same month last year but below forecast.