Arkansas state general revenue in January totaled $521 million, down $5.4 million from January 2008 but $19.7 million ahead of the official forecast. It was the second straight monthly decline from the previous year’s collections.
December revenue was down $20.2 million from December 2007 collections, the first drop in month-to-month comparisons since May 2008
The Department of Finance and Administration said general revenue for the first seven months of fiscal 2009 was up $74.7 million from the same period in fiscal 2008, to $3.18 billion. The seven-month total is $52.4 million ahead of the forecast issued by the department in mid-November.
Individual income tax collections in January totaled $291.4 million, down $16.1 million from January 2008 but $7.8 million ahead of predictions. Corporate income tax collections increased $13 million from January 2008 to $22.3 million.
Gross receipts tax collections, which include sales and use taxes, declined $3.8 million in January 2008 to $179.4 million, some $4.5 million less than expected.