Arkansas Tax Revenue Increase To $250 Million, February Report Says

Arkansas experienced a tax revenue increase of up to 8.3% in the month of February. Reports say it resulted to a surplus of $250.2 million in the first eight months of the fiscal year.

In the first eight months of the fiscal year, the state of Arkansas has experienced a tax revenue increase of up by 9.3%. In the month of February, the revenue of sales tax was up by 13.1% and the overall increase was up by 8.3%.

According to Wickline, a report in February revealed that the total revenue increase in Arkansas amounted to $807 million. This increase was up by 3.2% compared to what was collected in February 2021 and up by 9.6% from the predicted budget.

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Tax Revenue Increase in Other Categories

An article on Talk Business & Politics states that on March 2, the February report for the increase revealed that the collected amount exceeded the prediction in all major categories. The report was posted by the states’ Department of Finance and Administration (DFA).

The reports also say that the individual income tax revenue increase was $2.472 billion, up by 2.8% compared to what was collected in 2021. This increase was also up by 4.1% from the predicted budget. At the end of the first eight months of the fiscal year, the tax surplus reportedly amounted to $250.2 million.

 

In addition, the sales and use increase was $2.242 billion, up by 9.3% compared to what was collected in 2021 to 2022. This increase was also up by 2.9% from the predicted budget. The corporate income tax revenue increase was $464.8 million, up by $56.6 million compared to what was collected in 2021 to 2022. This increase was also up by 24% from the predicted budget.

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