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$698.4 Million Surplus: Arkansas Economy Shows Resilience with 1.8% Increase in Sales and Use Taxes, 1.9% in Tax Refunds

(photo: Yahoo Finance)

Arkansas ended its fiscal year with a $698.4 million surplus, despite a 4% decrease in revenue.

Arkansas Ends Fiscal Year with Surplus

Arkansas has concluded its fiscal year with a surplus of $698.4 million, according to the latest revenue report from the Department of Finance and Administration, according to the report of KNWA.

The state brought in a total of $6.9 billion in revenue just shy of the revised forecast by 0.1%. This marks a 4% decrease from the previous year’s revenue.

Individual income tax collections dropped 1.7% to $3.85 billion while corporate income taxes decreased by $97.6 million. However, tax refunds increased by 1.9% to $782.9 million.

On a positive note, sales and use taxes increased by 1.8% to $3.48 billion and revenue from insurance and gaming was above expectations.

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(photo: 5NEWS)

Arkansas Economy Shows Resilience Despite Revenue Shortfalls, State Sees Increase in Sales and Use Taxes

Governor Sarah Huckabee Sanders has highlighted the state’s economic opportunities and financial stability despite tax cuts and revenue shortfalls. The Educational Adequacy Fund received a deposit of $63.8 million in June, although deductions left it with a balance of $61.9 million.

Overall, while Arkansas faced challenges in revenue growth and tax collections, the increase in sales and use taxes and tax refunds are positive signs for the state’s economy moving forward.

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