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State tax officials said Thursday that Arkansas’ March net available general revenue was $356.6 million, down 12.4% from the same month last year and 8.9% above forecast.
The forecast was revised on March 23, and state tax collections recorded in March mostly reflect taxable transactions in February — before the effects of the COVID-19 pandemic on economic activity and tax collections, officials noted.
The state Department of Finance & Administration said corporate income tax collections ($26.2 million) and individual income tax collections ($289.6 million) were both above forecast in March.
Corporate collections were down $55.9 million from a year ago, and $13.3 million above forecast. Payroll withholding tax collections were better than expected for the month, and corporate collections in the prior year included large one-time payments.
Individual collections were up $23.7 million from a year ago and $14.3 million above forecast.
Sales tax collections, at $208 million, were $7 million below forecast due to weakness in business-related sectors and no gain in the motor vehicle portion of sales tax. They were up $6.4 million from a year ago.
Year-to-date net available general revenue was $29.3 million, or 8.9% above forecast.