Arkansas revenue report for July, 2008

This is the 1st monthly report of the fiscal year, and revenues are coming in above forecast. Collections for the fiscal year are $20.9 million above forecast and $19.6 million above last year's collections as of this month.

Collections of net available general revenues for July were $371.2 million. That is 5.6% above July, 2007 and 6.0% above forecast. Gross receipts collections for July, which include sales/use taxes, totaled $188.7 million (about 5.3% above July, 2007 and 3.9% above forecast). Gross receipts are a key indicator of consumer spending, which comprises roughly two-thirds of economic activity.

Individual income tax collections are 0.9% below projections (and 1.6% below July, 2007) and corporate income tax collections are 26.1% below forecast and 46.7% below July, 2007. Collections of individual income tax returns came in at $179.2 million, and corporate income tax collections were $15.4 million.

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