May Revenues Heat Up

Arkansas revenue in May totaled $401.4 million, up $18.8 million from May 2009 and $37 million more than expected.

The Department of Finance and Administration said May was only the fifth time in the past 18 months that general fund revenue collections were higher than the previous year’s revenue.

Revenue from the personal income tax totaled $196.5 million, up $22.7 million from May 2009 and $21.3 million more than predicted in the latest estimate.

Corporate income tax collections totaled $12.8 million, down almost $6 million from May 2010 but $7.7 million more than predicted.

Gross receipts taxes, which include the sales tax, generated $164.3 million in May, up $500,000 from May 2009 and $5.4 million more than expected.

General fund collections in the first 11 months of fiscal 2010 total $4.9 billion, down $136.6 million from the same period in fiscal 2009 and $37 million more than projected.

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