Finance report: Arkansas surplus for year nearing $1B

LITTLE ROCK, Ark. (AP) – Arkansas’ surplus for the fiscal year is approaching
$1 billion. The Department of Finance and Administration on Wednesday said the
state’s net available revenue for the fiscal year that began July 1 is $980
million higher than forecast. The department reported a major boost in income
and sales tax collections in May. The surplus has grown as Republican Gov. Asa
Hutchinson is pushing for an income tax cut that he wants lawmakers to take up
during a special session this fall. Hutchinson said the latest figures show the
state can afford another tax cut.

WebReady^TM Powered by WireReady^® NSI