Fueled by rising individual income tax collections, Arkansas’ general revenue tax collections in January increased by $68.3 million, or 10.4%, over a year ago to $722 million.
These collections exceeded the state’s April 2 forecast by $128.8 million, or 21.7%.
The state Department of Finance and Administration reported these figures in its monthly revenue report, released Tuesday morning.
Last month, the state’s individual income taxes exceeded the state’s forecast by $86.8 million, while sales and use tax collections exceeded the forecast by $16.5 million and corporate income taxes exceeded the state’s forecast by $23 million.
The net general revenue available to state agencies in January increased by $41.2 million, or 6.9%, to $635.8 million, which exceeded the state’s forecast by $102.5 million, or 19.2%.
In April, the state cuts its forecast for net general revenues in fiscal 2021 by $205.9 million to $5.68 billion, citing a projected recession triggered by the coronavirus pandemic.
Through the first seven months of fiscal 2021, the state’s net general revenue available
to state agencies increased by $298.7 million, or 8.4%, over the same period in fiscal 2021 to $3.8 billion. That exceeded the state’s forecast by $421.8 million, or 12.3%.