DALLAS - Arkansas' net revenues jumped 7.8% in January compared to the previous year to $521.3 million, keeping the state 2.6% ahead of schedule in the seventh month of the fiscal year that began July 1.
For January, net revenues were 7.5% above forecast. Gross revenues of $615.8 million were up $55.3 million or 9.9% above the same month last year and 9.7% above forecast, according to John Shelnutt, head of the Arkansas department of economic analysis and tax research.
"January results were above forecast in all major revenue collection categories," Shelnutt said. "The results represented broad-based gains, spanning business and household categories of taxable activity."
Year-to-date individual income tax refunds total $86.2 million, up $15.7 million or 22.3% compared to last year and $14.8 million or 20.7% above forecast, Shelnutt said.
The income tax filing season started on time this January for electronic filings at IRS after two years of delayed start dates for the filing season.
Sales and use taxes for the fiscal year total $1.3 billion, an increase of $24 million or 1.9% from last year and $9.5 million or 0.7% above forecast.
The January numbers come as the Arkansas Legislature is considering Gov. Asa Hutchinson's proposal for a reduction in income tax rates.
Arkansas carries general obligation bond ratings of AA from Standard & Poor's and Aa1 from Moody's Investors Service, with stable outlooks.