Arkansas general revenue $200 million plus above projections at fiscal year halfway point
LITTLE ROCK, Ark. – Arkansas revenues continue to run at a surplus at the halfway point of the 2024 fiscal year.
The Department of Finance and Administration’s December report showed year-to-date net available general revenues of $3.429 billion. Despite being $182.1 million below total revenues collected through December 2022, this was $216.4 million above forecasts.
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For December alone, $666.8 million in net available general revenues were brought in, which is $72.3 million above forecast.
Analysts stated in the report that the above-projected numbers reflected sales and corporate tax collections being above projections, while tax refund claims were below what was projected. Tobacco collections in December at $2.1 million and gaming state revenue at $3.8 million were additional above-projected revenues cited by DFA analysts.
Arkansas had finished out its 2023 fiscal year with a $1.161 billion surplus, its highest ever.
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A law went into effect on Jan. 1 lowering taxes for Arkansans making over $24,300 per year, dropping the tax rate from 4.6% to 4.4%. The act also lowered corporate income tax to 4.8% for corporations with a net income greater than $11,000.
Gov. Sarah Huckabee Sanders said when she signed the act in April that it would cut $150 million from personal income tax and $36 million from corporate income tax collections for the state.
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