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VOL. 128 | NO. 87 | Friday, May 03, 2013

Individual Income Tax Growth Boosts Arkansas Revenue

AP

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LITTLE ROCK, Ark. (AP) – Taxpayers who shifted their income to last year to avoid higher federal tax rates boosted Arkansas' revenue above expectations, state finance officials said Thursday.

The Department of Finance and Administration said the state's net available revenues for April totaled $642.8 million. That's $84 million above last year and $79.8 million more than what was forecast. The state's year-to-date revenues total $4.1 billion, which is $163.9 million above forecast and $240.1 million above the same period last year.

Arkansas' fiscal year begins July 1.

Most of the revenue growth came from individual income tax collections, which totaled $568.3 million in April. The collections were $102.2 million above last year and $99.7 million above forecast. The department said many filers shifted their income to last year to avoid paying higher federal rates.

Sales tax collections totaled $174.2 million, which was $12 million below forecast and $4.5 million below the same month last year.

Corporate income tax collections totaled $39.9 million, which was $1.1 million above last year and $1.5 million below forecast.

The report was released a day after the department revised its forecast for the current and next fiscal year. Officials said they expect lawmakers to have $38.2 million available in surplus money for next year's session and expect a $13.8 million surplus for the fiscal year that ends in June 2014.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 70 224 13,880
MORTGAGES 105 298 18,124
FORECLOSURE NOTICES 16 55 3,560
BUILDING PERMITS 0 430 32,733
BANKRUPTCIES 81 211 13,214
BUSINESS LICENSES 23 68 4,773
UTILITY CONNECTIONS 103 307 20,206
MARRIAGE LICENSES 39 72 4,269

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