The revenue picture for the State of Arkansas appears to be in good condition despite the economic struggles related to the ongoing COVID-19 pandemic. According to reporting from the State Department of Finance and Administration (DFA), revenue collections in January beat its previous high of $653.7 million collected in 2020. So far to date, seven months into the fiscal year, the forecasted budget surplus for Arkansas is over $400 million thanks to increased corporate and individual income tax collections.
While the revenue numbers are certainly positive, they are somewhat inflated due to one-time federal emergency spending to help with economic recovery through the pandemic. It's not yet clear how these forecasts will impact tax cut legislation currently under consideration by the General Assembly.
More below:
https://www.arkansasonline.com/news/2021/feb/03/revenue-sets-january-record/?latest
https://talkbusiness.net/2021/02/arkansas-net-available-tax-revenue-surplus-tops-400-million/