Ark. tax collections above forecast
Arkansas tax revenues in April hit $697.2 million, up .9 percent compared to a year ago and 2.6 percent above forecast.
Individual income tax collections, which provide the bulk of revenue, were up 8.6 percent to $461.9 million, compared to a year ago.
Gross receipts, the second largest category, were down 14.8 percent to $170.4 million.
The Department of Finance and Administration said the decline in gross receipts was largely the result of sales tax reductions enacted in the last legislative session and implemented at the start of the fiscal year free credit report .com.
Year-to-date gross tax revenues are at $4.64 billion, an increase of about 3 percent from this time in 2007 and 3.6 percent above the general revenue forecast.
Filed under: economics by Finance Boss