Arkansas Revenue Report for July, 2007

This is the first monthly report of the new fiscal year, and the first month that includes data from the July 1 grocery tax cut. Collections of net available general revenues for July were $351.6 million. That is down 7.1% from July, 2006, but is 3.3% above forecast.

Gross receipts collections for February, which include sales/use taxes, totaled $179.2 million (about 4.2% below July, 2006 and 0.9% below forecast). Gross receipts are a key indicator of consumer spending, which comprises roughly two-thirds of economic activity.

Individual income tax collections are up 2.7% above projections (4.7% above July, 2006) and corporate income tax collections are 53% above forecast and 42% above July, 2006. Collections of individual income tax returns came in at $182.1 million, and corporate income tax collections were $28.9 million.

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