Arkansas’ fiscal year ended nearly $300 million in the black as net general revenues broke a record $5 billion.
For the full year, which ended June 30, net available general revenue collections totaled $5.027 billion. The state ended the year with a $299.5 million surplus, up 6.3% above last year. All categories of the budget were funded during the year.
Individual income taxes remained the backbone of strength for state tax collections. Individual income taxes accounted for $3.144 billion, up 8.6% above last year and 6.5% above forecast.
Corporate income taxes topped $431 million, a decrease of one percent and 2.7% below forecast.
Sales and use collections totaled $2.124 billion, up 1.1% over last year, but down 1.4% from forecast.
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