Arkansas revenue report for September, 2007

This is the third monthly report of the fiscal year, and revenue is up, event against the forecast. Collections of net available general revenues for September were $453 million. That is 8.5% above September, 2006 and 8.7% above forecast.

Gross receipts collections for September, which include sales/use taxes, totaled $184.7 million (about 0.5% above September, 2006 and 4.1% above forecast). We brought in more money in September, 2007 than we did in September, 2006, even though we were only collecting half of the grocery tax last month. Gross receipts are a key indicator of consumer spending, which comprises roughly two-thirds of economic activity.

Individual income tax collections are 8% above projections (and 12.2% above September, 2006) and corporate income tax collections are 18.6% above forecast and 12.4% above September, 2006. Collections of individual income tax returns came in at $245.2 million, and corporate income tax collections were $65.4 million.

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