Arkansas January General Income increased $25 million, or 3.2%, to $807 million from January 2022, boosted by better-than-expected personal income and sales tax collections.
It also beat the state’s Nov. 10 forecast by $70.5 million (9.6%).
The state’s January revenue report reflects Arkansas’ continued economic strength with low unemployment and low claims for unemployment benefits, said John Shelnutt, the state’s chief economic forecaster. Stated.
State sales tax collections increased $25.4 million, or 9.4%, to $294 million a year ago in January. He beat the state’s forecast by $15.9 million (5.7%).
The state’s January personal income tax collections decreased $4.1 million, or 0.9%, from the prior year to $441.7 million. However, it beat the state’s forecast by $51.7 million (13.3%) for her.
The state’s net general revenue increased $13.7 million (1.9% year-over-year) in January to $729.1 million. And he beat the state’s forecast by $69.6 million, or 10.5%.
January is the seventh month of the year 2023, which started on July 1st.
In the first seven months of fiscal 2023, state net tax revenue was $206 million, up 5% over the same period in fiscal 2023, to $4.3 billion. He beat state estimates by $194.8 million, or 4.7%.
The state’s Nov. 10 forecast calls for a general revenue surplus of $598 million.
Shelnutt said he doubts the state will be able to recover its $1 billion general revenue surplus in fiscal 2023.