April revenues for Arkansas take expected dip
LITTLE ROCK, Ark. (AP) - Arkansas state income tax revenues for April dropped by $101.7 million, or 17 percent, but Department of Finance and Administration officials say the dip was anticipated.
The agency on Friday announced that gross general revenues for the fiscal year were $5.2 billion, up 1 percent from last fiscal year. Gross general revenues for the year are above forecast by $44.5 million, or 0.9 percent.
The agency says there was a one-time boost in individual income tax collections a year ago when some taxpayers shifted income reporting to avoid a federal income tax increase.
Officials say a decline in individual income tax revenues of 5 percent helped offset the reduction in April 2014 collections, adding to net available revenue
Net available revenues for the year total $4.17 billion, up a half-percent.Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.