LITTLE ROCK, Ark. (AP) Arkansas finance officials say a drop in corporate tax collections kept the state’s revenue below expectations in May.
The Department of Finance and Administration said Monday that the state’s net available revenue in May totaled $347.4 million, which is $8.1 million below the same month last year and $9.6 million below forecast. The state’s net available revenue for the fiscal year that began on July 1 totaled $4.9 billion, which is $44.2 million above forecast.
The department says corporate income tax collections in May totaled $17.2 million, which is $16.2 million lower than the same month last year and $26 million below forecast. The decline was partly offset by lower than expected corporate tax refunds paid out.
Sales and individual income tax collections were slightly below the forecast in May.
WebReadyTM Powered by WireReady® NSI