Arkansas July revenue report shows revenue slightly above forecast, below 2023 numbers

LITTLE ROCK, Ark. – The July revenue report from the Arkansas Department of Finance and Administration shows that revenue is only slightly above forecast but below 2023 figures.

The monthly DFA report for the first month of the Arkansas fiscal year shows net available general revenue for July was $527.7 million. This is 4.6% below last year’s July report but $2.8 million, or a half-percent, above what was forecast.

Individual income tax collections were at $247.4 million in the report, down $28.7 million or 10.4% compared to 2023. This was slightly above forecast by $100,000 or a tenth of a percent.

Individual income tax refunds were at $19.4 million for July, $3.6 million below last year and $1.6 million below what was forecast for the month.

The report showed corporate income tax collections were down to $23 million, a $8.3 million drop from last year and $3.3 million below forecast. Corporate tax refunds were $3.7 million, which was $900,000 above last year’s figures but $3.3 million below what was forecast.

Sales and use tax collected $290.1 million, a $7.8 million, or 2.8%, increase from last year. According to the report, this was a 1% increase from what was forecast.

In smaller revenue sources, the report showed tobacco revenue was $900,000 above forecast, while insurance and gaming revenue was $200,000 above forecast.

The Education Adequacy Fund had a net $58.4 million deposit for July, up 2.4% from last year’s July deposit.

The state has a tax-free weekend beginning at midnight Friday through midnight Sunday. For those two days, many items related to back-to-school expenses are sold without tax for both online and in-person shopping.

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