On October 6th, the Arkansas Department of Finance and Administration released its revenue report for the first quarter of Arkansas’ fiscal year (July-September). According to the report, revenues are down compared to a record period in 2020, but collections are up 16.9% above forecast, and September revenue was almost 16% more than September 2020. Individual income tax revenue in the first three fiscal months was $839.7 million, down 16.5% from the same period in 2020, but 19.4% above the budget estimate. Sales and use tax revenue, an indicator of consumer spending, was $775.5 million in the first three months up 10.2% compared with the 2020 period and 7.6% over the budget forecast. Corporate income tax revenue totaled $191.1 million, up $56.9 million compared with the same period in 2020 and 68.2% million above the budget forecast.
More below:
https://www.dfa.arkansas.gov/images/uploads/generalRevenue202109.pdf
https://www.nwaonline.com/news/2021/oct/06/arkansas-revenue-tax-collections-of-7653-million/