Lack of tax refunds pushes Ark. revenues up
LITTLE ROCK (AP) - State finance officials say a lack of individual income tax refunds last month helped push Arkansas' revenues above their expectations and above last year's numbers.
The Department of Finance and Administration on Monday said that the state's net available revenues in February totaled $210.1 million. That's $20 million above last year and $15.7 million above forecast. The state's revenues for the year to date are $99.2 million above forecast.
The department said the results were mainly driven by the relative lack of individual income tax returns received. Individual income tax refunds were $4.5 million below last year and $11.6 below forecast.
Sales tax and corporate income tax collections were above forecast and last year's figures. Individual income tax collections were above last year but below forecast.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.