Arkansas’ general revenues in April totaled $650 million, some $23.5 million less than expected and $47 million less than collected in April 2008, according to the latest monthly report from the Department of Finance and Administration.
Monthly collections have fallen below the previous year’s totals for four of the last five months. Collections in April have risen steadily, until this year, since the 2003 General Assembly moved the due date for state income tax returns to April 15 from May 15.
Total collections for the first 10 months of fiscal 2009 are $54.8 million more than predicted in November 2008. Gross general revenue for the period totaled $4.7 billion, an increase of $34 million above the same period in the past fiscal year.
Net general revenue in April totaled $491.9 million, a drop of $60.2 million from April 2008 and $25.3 million less than expected. Net revenue so far in fiscal 2009 total $3.7 billion, down $35.6 million from the same period of fiscal 2008 but $38 million more than predicted.
April’s individual income tax collections fell by more than 10% from 2008 to $414.8 million, which was $32.1 million less than expected.
Corporate income tax collections increased by $2.2 million from April 2008 to $45.6 million. Collections were $9.8 million above the forecast for the month.
Gross receipts revenue, which are primarily sales and use taxes, fell $4.3 million to $166.2 million.