Arkansas has exceeded its net revenue forecast by more than $716 million.
The latest General Revenue Report, released Tuesday, May 4, shows that Arkansas has a year-to-date net available general revenue of $5.4495 billion. Compared to the same time in 2020, Arkansas’ current revenue is 13.6 percent higher, representing a $651.7 million revenue increase.
After 10 months in the current fiscal year, Arkansas has surpassed its revenue forecast by 15.1 percent or $716.8 million.
“We have over $700 million over forecast with only two months left. This is just a reflection of the return of our economy, the strength of our economy here in Arkansas, and the confidence that the public has. We wisely have set that surplus aside for our long-term reserve account to the largest extent,” Gov. Asa Hutchinson said in a Tuesday afternoon press conference.
Gross general revenues also increased substantially this year, rising $640.7 million, or 11.1 percent, compared to the previous fiscal year. In the year-to-date, Arkansas has pulled in $6.430 billion, where is above the forecast by 12.4 percent or $711.1 million.
Individual income tax collections were higher than 2020 tax collections by 10 percent or $287.8 million. In the current fiscal year, Arkansans has collected approximately $3.168 billion in individual income taxes, which is $291.7 million and 10.1 percent above forecast.
With the increase in income tax collections, individual tax refunds were down to $378 million, which is a decrease of $49.6 million or 11.6 percent from last year. This was $23.3 million below the forecast. The Arkansas Department of Finance and Administration attributed this to the filing extension being moved to May 17.
Corporate income taxes were up by $92.5 million in the year-to-date, rising to $496.3 million. This was above forecast by 37.6 percent, or $135.6 million. Corporate income tax refunds also increased by $14.6 million, coming in at $61.7 million so far this fiscal year.
In April 2021, the state’s net available general revenues totaled $77.9 million, which was $242.4 million above the revenues in April 2020. It was $166.9 million, or 27.2 percent, above the state’s forecast.
Gross general revenues for April 2021 were $947.8 million, an increase of 37.8 percent or $260 million from April 2020.