Arkansas finance officials say a boost in corporate and individual income tax collections in March kept the state’s revenue above forecast and more than the same month last year.
The Department of Finance and Administration on Tuesday said the state’s net available revenue in March totaled $407.1 million. That’s $65 million above March 2018 and $51.9 million above forecast.
The state’s net revenue so far for the fiscal year that began July 1 totals $4.1 billion, which is $46.8 million above forecast.
Individual income tax collections last month totaled $265.9 million, which was $15.7 million above March 2018 and $6.7 million above forecast. Corporate income tax collections totaled $82.1 million, which was $64.7 million above the same month last year and $66 million above forecast.