Arkansas revenue remains above current year projections but below previous year

LITTLE ROCK, Ark. – The February Arkansas revenue report from the Department of Finance and Administration shows state revenue for the current year is lower than the previous year but above projections.

The Monday report showed net available revenues were $4.42 billion through the eighth month of the state’s fiscal year. While that amount is $323.1 million in revenue below this point a year ago, it is $10.6 million above fiscal year projections, the report stated.

Arkansas revenue continues above forecast for January

The report’s authors stated the projected year-end surplus for Arkansas is $240.5 million.

The report showed that for February alone, net available general revenue was $322.8 million, $79.2 million below last year but $10.6 million above the monthly forecast.

Income tax collections for February were $245.8 million, $16.9 million below collections a year ago, reflecting the income tax cuts put in place in the 2023 special session. Income tax refunds were $129.2 million, $25.2 million above last year, and $13.9 million above forecast.

Arkansas officials lower revenue forecast down citing new tax cuts

Corporate income tax collections were $14.6 million for February, down $6.5 million from a year ago but $6.1 million above forecast. Refunds in this category were $33.4 million, $26.7 million above a year ago and $2.5 million above forecast.

The Department of Finance and Administration publishes the monthly revenue reports to DFA.Arkansas.gov.

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