Arkansas Sees Record-Breaking Month of Tax Revenue

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Arkansas’ July state tax revenue is up $56 million compared to this time last year. During the first month of the 2018 fiscal year, the state raked in $524 million, which is $11 million more than was forecasted.

J.R Davis, Communications Director, Gov. Asa Hutchinson said,”The numbers are a good sign of Arkansas economy right now. We’ve got a lot of momentum, and you can see that in the recent revenue report.” 

The state has learned not to get too far ahead of themselves after a tumultuous 2017 fiscal year.
 
“What we learned from the previous fiscal year that wrapped up at the end of June, each month could vary. We could be up one month..down another month,” said Davis.
 
There’s many reasons the state is seeing higher numbers. “There’s a lot of different aspects, corporate income tax, individual income tax, sales and use tax. So there’s a lot of different things that go into that equation,” explained Davis.
 
State Rep. Jim Dotson who works directly with Governor Asa Hutchinson on state taxes said starting this fiscal year on such a high note is a nice change of pace from last July.
 
“People are spending more money. The economy is growing, as far as income tax..that was up a lot more. So obviously more people are employed,” said Dotson.
 
Since January 2015, over 74,000 new jobs were created. While this is a great start to the year, the governor’s office said they are remaining optimistic. 
 
“It’s certainly much better to be ahead, than below forecast much like we were throughout much of last year. So that’s always a positive sign,” said Dotson.
 
While the state made 11 million more than expected last month, that money will be used for months where they don’t hit budget. But if this trend continues for the entire year, then all that money will go into the state’s pocket.
 

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