Year-to-date gross general tax revenue (July-January) totaled $4.03 billion, up 3.7% from the same period in 2018, and 2% above the budget estimate. An 8% gain in sales tax revenue was a highlight of the January report.
According to figures provided Tuesday (Feb. 4) by the Arkansas Department of Finance and Administration (DFA), the surplus year-to-date net available revenue is $143 million. The revenue is also $80.6 million above the budget estimate.
Individual income tax revenue for the fiscal year-to-date is $1.953 billion, up 5.3% compared with the previous period and 0.2% above forecast. Income tax refunds year-to-date total $79.1 million, down 1.6% compared with the same period in the previous fiscal year, and 2.3% below the budget forecast.
Year-to-date sales and use tax revenue was $1.515 billion, up 4% compared with the previous cycle and 1% above forecast. Corporate income taxes for the year are $270.7 million, up $2.5 million from the previous year and 21.5% above forecast.
“Sales tax collections were 8.0 percent above last year with gains in both consumer-related categories and business-related categories. Holiday shopping activity benefitted collections in January. The motor vehicle portion of Sales Tax had moderate growth,” John Shelnutt, DFA director of economic analysis and tax research, noted in the report.
Gross general revenue collected in January totaled $653.7 million, up 5% compared with January 2018 and 0.2% above the forecast.
Individual income tax revenue in January was $359 million, up 4.9% compared with January 2018 but 4.1% below the forecast. Individual withholding tax revenue – an indicator of job and wage growth – was up 2.8% compared to January 2018.
Sales and use tax revenue – an indicator of consumer spending – during the month was $224.4 million, up 8% compared with January 2017 and 2.6% above the forecast. Corporate income tax revenue was $38.6 million, up $6.5 million compared with January 2018 and $11.3 million above the forecast.
OTHER TAX REVENUE SOURCES
July-Jan. 2018: $127.9 million
July-Jan. 2017: $128.1 million
July-Jan. 2018: $46.5 million
July-Jan. 2017: $45.2 million
July-Jan. 2018: $35.9 million
July-Jan. 2017: $33.6 million
Games of skill
July-Jan. 2018: $22 million
July-Jan. 2017: $38.4 million