LITTLE ROCK, Ark. (AP) — Arkansas finance officials say an increase in sales and income tax collections kept the state’s revenue in November above forecast and the level recorded in November 2017.
The Department of Finance and Administration said Tuesday the state’s net available revenue in November totaled $407.1 million, which is $28.1 million above the same month last year and $11.5 million above forecast. The state’s net revenue so far for the fiscal year that began July 1 is $2.3 billion.
Arkansas’ income tax collections last month exceeded forecast by $7.1 million and were $14.7 million higher than the same month last year. Sales tax collections were $15.2 million above the same month last year and $6 million above forecast. Corporate income tax collections were also above forecast and the same month last year.