State tax collections see decline in April

Many Arkansas legislators and Gov. Mike Beebe were hesitant to expand government or cut too many taxes uring the recently concluded Arkansas 87th General Assembly because they feared state tax collections would falter in 2009.

Their fears weren’t without merit.

The Arkansas Department of Finance and Administration reported Monday (May 4) that year-to-date general revenues total $3.706 billion, 1% below the same period in fiscal year 2008. April general revenue collections were $491.9 million, almost 11% below April 2008 collections.

YEAR-TO-DATE FIGURES
• Year-to-date net available general revenues total $3.706 billion, $35.6 million and 1% below last year.

• Year-to-date gross collections total $4.678 billion, $33.9 million and 0.7% above last year.
 
• Year-to-date individual income tax collections total $2.300 billion, $15.1 million and 0.7% below last year
 
• Year-to-date individual income tax refunds total $423.9 million, up $44.5 million and
11.7% compared to last year. 

• Year-to-date gross receipts total $1.775 billion, an increase of $9.7 million and 0.5% above last year. Gross receipts consist primarily of sales and use taxes.
 
• Year-to-date corporate income tax revenues total $315.1 million, an increase of $19.5 million and 6.6% above last year.

APRIL REVENUE SUMMARY
• April net available general revenues total $491.9 million, $60.2 million and 10.9% below last year.
 
• April gross general revenue collections total $650.1 million, a decrease of $47.0 million or 6.7% from last year. 
 
• April individual income tax collections total $414.8 million, down $47.1 million and 10.2% compared to last year.
 
• April individual income tax refunds total $99.7 million, up $12.1 million and 13.8% above April 2008.
 
• April gross receipts collections total $166.2 million, a decrease of $4.3 million and 2.5% from last year. 
 
• April corporate income tax collections total $45.6 million, an increase of $2.2 million
or 5.1% over last year.