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Report: February Tax Collections 32% Above Forecast

Arkansas finance officials said Tuesday that net available general revenue was $437.4 million in February, 27% above February 2019 and 32% above forecast.

The state Department of Finance & Administration said monthly results were affected by delays in the Internal Revenue Service accepting tax returns filed online. The delay came from changes to federal tax laws by Congress in December. 

More: See the full report.

That resulted in individual refunds coming in $76 million below forecast in February. The department said that activity will move into March.

The department said sales tax collections in February continued to exceed forecast and “display high growth” over the same time last year. Individual income gross collections were above forecast too. And corporate gross collections were below forecast in what the department called “a minor collection month.”

Year-to-date net available general revenue was $4.29 billion, 10% above the same time last year and 14% — $529 million — above forecast.

Read the full article on the Arkansas Business website here.