Arkansas tax revenues up in July

Arkansas’ first month of tax revenue in the new fiscal year was a net positive.

The state Department of Finance and Administration’s monthly revenue report for July showed net available general revenues eclipsed $403.9 million, up 7.1% from last July and 3.9% above forecast.

Individual income taxes led the way as the category showed $212.1 million, roughly 52% of net revenues. The amount was an increase of 9.6% from the previous year and was 6.4% above forecast.

Corporate income taxes, which tend to be volatile, totaled $25.9 million, a 3% increase from last July and 14.7% above forecast.

Sales and use tax collections, which reflect retail sales and consumer spending activity, decreased 0.6% from year ago levels to $177.9 million. That amount was 4% below forecast.