Arkansas’ January collections of $516 million are 13.5% higher than expectations for net available revenue during the month and 12% more than in January 2012.
Most of the increase came from a 10% rise in individual income tax withholdings, the Department of Finance and Administration said last week in its monthly revenue report.
Sales and use tax revenues came in below expectation.
Finance director Richard Weiss said the bump in income tax revenue last month will result in more refunds later due to a quirk in the filing schedule.
“A lot of that will take care of itself over the course of the next several months,” Weiss said.
January collections include $341.4 million from the individual income tax and $178.3 million of sales tax revenues.
Net revenues in fiscal 2013 through January total $2.95 billion. Collections include $1.7 billion from the individual income tax and $1.2 billion of sales tax revenues.