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Arkansas’ net available revenue up $188.7M over forecast
Arkansas’ net available revenue for January was $188.7 million above predictions and $79.6 million higher than last year, according to a report from the Department of Finance and Administration.
The state has $715.4 million in net available revenue, according to the report.
The year-to-date net revenue numbers for fiscal year 2022 are 6.2% higher than forecast at $4.1 billion, according to the report. The fiscal year ends June 30.
The January revenue report showed gains in most areas over last year’s numbers.
Gross general revenues were $4.678 billion this year, up by $258.6 million over the same period last year.
Revenue from corporate income taxes, along with sales and use tax, also were up from last year. Corporate income tax revenue totaled $401.2 million, up by $86.5 million from last year. Sales and use tax revenue totaled $1.824 billion, up $194.6 million from last year’s report.
Individual income tax revenues were down, generating $2.141 billion, a $31.6 million decrease from last year’s report. Some of the decline was because of a shift in tax due dates, according to the report.
Lawmakers will look at the revenue numbers when they return to Little Rock on Feb. 14 to begin their 2022 legislative session. Gov. Asa Hutchinson is proposing a $6 billion spending plan, which is 3.3% higher than last year.
Hutchinson said $1.2 billion in the catastrophic reserve fund would provide an additional cushion against economic uncertainties.
This article was originally posted on Arkansas’ net available revenue up $188.7M over forecast
