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According to the state Department of Finance and Administration (DFA), Arkansas revenues were above forecast in October. Net available general revenues last month totaled $439.1 million, which was up $33.2 million (8.2 percent) from October 2015 revenues and 2.1 percent above forecast.
The DFA said both individual and corporate income tax collections are what drove the increased numbers. Individual income tax collections totaled $256 million last month, which was up $22.2 million (9.5 percent) from last year. Meanwhile, October’s corporate income tax collections totaled $41 million, up $10.5 million from 2015, and $17.9 million above DFA projections.
