LITTLE ROCK (AP) — Arkansas finance officials say a surge in corporate income tax collections kept the state’s revenue above forecast last month, despite lower than expected sales and individual income tax collections.
The Department of Finance and Administration on Thursday said the state’s net available revenue in December totaled $541.6 million. That’s $20.5 million above the same the month last year and $5.6 million above forecast.
The state’s net available revenue for the fiscal year that began July 1 totals $2.8 billion, which is $17 million above forecast.
Corporate income tax collections last month totaled $87.6 million, which was $20.8 million above December 2017 and $26.5 million above forecast.
Individual income tax collections were above the same month last year but below forecast. Sales tax collections were below forecast and December 2017 collections.