Arkansas revenue came in higher than expected in January for the first time since May 2009, with gross receipts of $523 million.
January’s revenue was $6.3 million more than predicted in the latest state revenue forecast of Jan. 11, and $4.2 million more than in January 2009.
Gross receipt collections, mostly provided by sales and use taxes, totaled $179.4 million. Revenue was about the same as in January 2009, but $8 million more than forecast.
State individual income tax collections totaled $282.2 million, down $9.3 million from January 2009. The revenue was $4.1 million more than predicted.
Corporate income taxes generated $32.7 million, which was $10.3 million more than in January 2009 but $2.4 million less than predicted.
The January revenue report from the Department of Finance and Administration said in the first seven months of fiscal 2010 the state has collected $3.1 billion in general gross revenues. The total is $6.3 million more than expected in the revised forecast.
Total collections include $1.17 billion of sales and use tax revenues and $1.4 billion of individual income tax collections.