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Arkansas tax revenue for October falls 4.3% below budget forecast


Arkansas is facing a slight decrease in tax revenue for the fiscal year compared to the previous year, but the numbers are still exceeding budget estimates. The Arkansas Department of Finance and Administration reported that total revenue for the first four months of the fiscal year was $2.631 billion, down 3.2% from the previous year but 1.1% above the budget forecast.

Income tax revenue saw the biggest decline, down 5.2% compared to the previous year, while sales tax revenue actually increased by 1.5%. Corporate income tax revenue fell significantly below the previous year’s numbers, leading to an overall decline in tax revenue.

Despite the decline, state officials are optimistic about the state’s economic health. Payroll withholding and sales tax collections were highlights in the October report, providing confidence in the state’s economic well-being as the holiday season approaches.

Arkansas officials are projecting a fiscal year-end surplus of $280.5 million, following a surplus of $698.4 million in the previous fiscal year. This marks the third consecutive year that the state has seen a surplus of near or more than $1 billion.

Other revenue sources, such as tobacco, insurance, alcoholic beverages, and games of skill, also saw slight declines in revenue compared to the previous year. Overall, Arkansas remains in a strong financial position despite the challenges posed by a decrease in tax revenue.

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Photo credit talkbusiness.net

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