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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 This material may not be published, broadcast, rewritten or redistributed.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 68 68 11,188
MORTGAGES 74 74 13,977
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 146 146 24,180
BANKRUPTCIES 77 77 8,509
BUSINESS LICENSES 23 23 3,794
UTILITY CONNECTIONS 137 137 13,594
MARRIAGE LICENSES 35 35 3,066

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