State general revenue tax collections in September increased by $29.9 million over a year ago to $664.5 million and exceeded the state’s forecast by $25.6 million, the state reported Wednesday.
The increased general revenue collection is largely a result of increased and larger than expected individual and corporate income tax collections for the month and reflects a growing state economy, state officials said.
Sales and use collections increased by $1 million over a year ago to $209.5 million, which fell short of the state’s forecast by $4.1 million. State officials said the sales and use tax collections would have increased more in September if not for the reconciliation of several million dollars in collections among various sales tax categories.
Net general revenues available to state agencies in September increased by $34.5 million over a year ago to $604 million and exceeded the state’s forecast by $31.4 million.
September is the third month in fiscal year 2020 that started July 1.
During the first three months of fiscal 2020, net general revenue has increased by $42.9 million over the same period in fiscal year 2019 to $1.5 billion and has exceeded the state’s forecast by $42.9 million.
Read Thursday's Arkansas Democrat-Gazette for full details.