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Arkansas revenues take expected dip in April

Posted: May 2, 2014 at 12:37 p.m.

Arkansas state income tax revenues for April dropped by $101.7 million, or 17 percent, but Department of Finance and Administration officials say the dip was anticipated.

The agency on Friday announced that gross general revenues for the fiscal year were $5.2 billion, up 1 percent from last fiscal year. Gross general revenues for the year are above forecast by $44.5 million, or 0.9 percent.

The agency says there was a one-time boost in individual income tax collections a year ago when some taxpayers shifted income reporting to avoid a federal income tax increase.

Officials say a decline in individual income tax revenues of 5 percent helped offset the reduction in April 2014 collections, adding to net available revenue

Net available revenues for the year total $4.17 billion, up a half-percent.

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