Gov. Hutchinson, on the heels of the latest tax revenue report showing the state’s gross revenue up almost 10%, is asking the Biden Administration and Congress to compromise on a COVID relief bill.
The governor says the surplus in the state is the reason why he wants a reasonable approach to the bill.
Arkansas is showing an increase of almost 10% in gross revenue for the first seven fiscal months (July-January) compared to the same time last year. January revenue was up more than 20% above forecast.
The Arkansas Department of Finance and Administration (DFA) says gross revenue for fiscal year-to-date is $4.419 billion, up 9.7% compared with the same period in 2019-2020 which is 12.1% over the budget forecast.
Individual income tax revenue, $2.173 billion in the first seven fiscal months, is up 11.2% compared to the same period in 2019-2020 which is 13.1% over the budget forecast. An indicator of consumer spending, Sales and use tax revenue, was $1.629 billion for the first seven months of the fiscal year which is up 7.5% compared with the same period in 2019 and up 8.3% above the forecast.
The numbers from DFA show Corporate income tax revenue during the first seven months of the fiscal year was up $44 million at $314.7 million, which is 28.8% higher than the budget forecast.
