LITTLE ROCK, Ark. (AP) - Arkansas finance officials say higher than expected individual income tax collections in January helped push the state's revenue above expectations and above the same month last year.
The Department of Finance and Administration said Friday the state's net available revenue in January totaled $583.3 million, which is $47.3 million more than the same month last year and $41.7 million above forecast. The state's net available revenue for the fiscal year that began July 1 is more than $3.2 billion, which is $65.4 million more than was forecast.
The state's individual income tax collections totaled $383.2 million, which is $24.5 million above the same month last year and $25.5 million above forecast. Sales tax collections were above the same month last year but below forecast.