LITTLE ROCK, Ark. (AP) - State finance officials say an expected drop in corporate income tax collections in May pushed Arkansas' revenue below predictions and below the same month last year.
The Arkansas Department of Finance and Administration said Tuesday the state's net available revenue in May totaled $315.4 million. That's $18.8 million below last year and $24.7 million below forecast.
The state's revenue for the fiscal year that began July 1 is $52.9 million above forecast.
Most of the drop last month was due to a shift in corporate income tax collections, which were higher than expected and above last year's figures in April. The state also saw sales tax collections drop below expectations and below forecast last month
Individual income tax collections in May were above last year but below forecast.Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.