May Tax Collections Down 3.4% From Last Year, Above Forecast

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State tax officials said Tuesday that Arkansas’ May net available general revenue was $365.8 million, down 3.4% from the same month last year and 28.3% above forecast.

Year-to-date net available general revenue was $5.16 billion, down 2% year-over-year and 5.9% above forecast. 

More: See the full May revenue report here.

All major categories of revenue collections in May were above forecast, which was revised on March 23 because of the COVID-19 pandemic. Most were down from a year ago because some businesses were closed in April.

Individual income tax collections totaled $235.4 million, up 1.3% year-over-year and 25.9% above forecast. Tax payments were better than expected, considering the deadline shifted from April 15 to July 15, according to the report. Refunds were also less than expected.

Sales and use tax collections totaled $205.7 million, down 2.8% from a year ago and 8.5% above forecast. The retail and motor vehicle sales categories saw better than expected gains. 

Corporate income tax collections totaled $15.1 million, down 11.5% year-over-year and 11% above forecast.

Arkansas Business will update this story.