LITTLE ROCK, Ark. – Arkansas continues to maintain a positive revenue balance above what was forecast through August.
The state Department of Finance and Administration released the general revenue report through August on Tuesday.
According to the report, the state’s year-to-date net available revenue is $1.079 billion, which is $13.1 billion or 1.2% below this time a year ago. At the same time, this is $33.2 million above projections, the report stated.
For August alone the state totaled $517.6 million in revenue, which is $24.4 million or 4.5% below a year ago. This remains above what was forecasted, however, by $17.3 million.
Year-to-date individual income taxes, income tax refunds and sales and use tax were all above last year’s numbers. Corporate income taxes were down $1.5 million compared to last year, but $12.9 million above forecast for a $40.6 million total.
In its most recent legislative session, Act 532 was signed into law which lowered the individual marginal tax rate from 4.9% to 4.7% and lowered the corporate tax rate from 5.3% to 5.1%.
Gov. Sarah Huckabee Sanders said during her inauguration that she wanted to lower taxes. In July she spoke to the Little Rock Rotary Club and indicated a special session to consider tax cuts was a possibility.
Arkansas ended 2022 with a $1.638 billion surplus, its second-largest ever.