Arkansas tax revenues dip 3.9% in July

Fort SmithNews on the Wire

by The City Wire staff ([email protected]) August 4, 2009 11:07 am 56 views 

The state’s July revenue report continues to reflect the recessionary environment, with gross general revenues totaling $406.3 million, a 3.9% dip from July 2008, according to a report issued Tuesday by the Arkansas Department of Finance and Administration.

Net available revenue was $412 million, up 11% above July 2008. However, the increase was based on one-time inclusions of $10 million in unclaimed property proceeds and $61 million from a revenue allotment reserve.

TAX SECTORS
July individual income tax collections totaled $173.8 million, down 3% compared to July 2008, and are down 3.1% below forecasts.

Gross receipts (sales and use taxes)
July gross receipts collections totaled $172.8 million, down 8.4% below July 2008 and 9.4% below forecasts.

July corporate income tax collections totaled $18.7 million, up 21.5% above July 2008 and 22% above forecasts.

July tobacco tax collections totaled $21.6, up 62.9% above July 2008. The increase is the result of higher tax rates approved in the 2009 General Assembly.

REFUNDS
July individual tncome tax refunds totaled $8.1 million, flat compared to July 2008 and 6.6% below forecasts.

July corporate income tax refunds totaled $1.4 million, 52.1% above July 2008.