Arkansas general revenue down 2.8% in fiscal year
by September 2, 2009 10:50 am 54 views
Total tax collections for Arkansas for the first two months (July and August) of fiscal 2010 are $810.6 million, down 2.8% from the same period of 2008 and 2.8% off the revenue forecast, according to information released Wednesday (Sept. 2) by the Arkansas Department of Finance and Administration.
Fiscal year-to-date individual income tax collections total $351.1 million, 0.3% above the same period in 2008, but slightly below (0.1%) forecasts. Year-to-date individual income tax refunds total $17 million, up $3.2 million or 23.1% compared to last year and 14.9% above forecast.
Gross receipts collections (primarily of sales and use taxes) for the fiscal year ar $345.7 million, down $34 million, or 8.9% below the same period in 2008. The collections are also 10% below revenue forecasts.
August gross receipts collections were $172.9 million, a dip of $18.1 million from the 2008 period. The sales and use tax is a commonly accepted indicator of consumer spending (consumer confidence).
Year-to-date corporate revenues total $24.4 million, down 8.9% from the 2008 period. Year-to-date corporate income tax refunds total $4.1 million, 62.4% from the 2008 period, and 51.9% above forecast.