Individual income tax growth boosts Ark. revenue
Higher than expected individual income tax collections boost Arkansas revenue in April
LITTLE ROCK, Ark. (AP) -- Taxpayers who shifted their income to last year to avoid higher federal tax rates boosted Arkansas' revenue above expectations, state finance officials said Thursday.
The Department of Finance and Administration said the state's net available revenues for April totaled $642.8 million. That's $84 million above last year and $79.8 million more than what was forecast. The state's year-to-date revenues total $4.1 billion, which is $163.9 million above forecast and $240.1 million above the same period last year.
Arkansas' fiscal year begins July 1.
Most of the revenue growth came from individual income tax collections, which totaled $568.3 million in April. The collections were $102.2 million above last year and $99.7 million above forecast. The department said many filers shifted their income to last year to avoid paying higher federal rates.
Sales tax collections totaled $174.2 million, which was $12 million below forecast and $4.5 million below the same month last year.
Corporate income tax collections totaled $39.9 million, which was $1.1 million above last year and $1.5 million below forecast.
The report was released a day after the department revised its forecast for the current and next fiscal year. Officials said they expect lawmakers to have $38.2 million available in surplus money for next year's session and expect a $13.8 million surplus for the fiscal year that ends in June 2014.
