Arkansas revenue report for September, 2008

We've somehow remained in pretty good shape with revenue compared to a majority of other states. The 3rd monthly report of the fiscal year was released yesterday, and revenues came in above forecast again, thanks in large part to individual income tax collections. Collections for the fiscal year are $63.2 million above forecast and $64.2 million above last year's collections as of this month.

Collections of net available general revenues for September were $481.4 million. That is 6.3% above September, 2007 and 5.3% above forecast. Gross receipts collections for September, which include sales/use taxes, totaled $183.4 million (about 0.7% below September, 2007 and 2.2% below forecast). Gross receipts are a key indicator of consumer spending, which comprises roughly two-thirds of economic activity.

Individual income tax collections are 9.9% above projections (and 8.6% above September, 2007) and corporate income tax collections are 3.4% above forecast but 2.2% below September, 2007. Collections of individual income tax returns came in at $266.2 million, and corporate income tax collections were $64.0 million.

Click here for the report