Arkansas tax collections keep state’s revenue up for year

KNWA

LITTLE ROCK, Ark. (AP) — Arkansas’ finance office says higher than expected sales and income tax collections in November kept the state’s revenue above forecast and above the same month last year.

The Department of Finance and Administration on Tuesday said the state’s net available revenue in November totaled $431.8 million. That’s $24.7 million above the same month last year and $15.3 million above forecast.

The state’s net available revenue so far for the fiscal year that began July 1 totaled $2.4 billion, which is $87.5 million above forecast.

The department said the state’s individual income and sales tax collections in November were above forecast and the same month last year. Corporate income tax collections were below forecast and the same month last year.

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