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State general revenue in April exceeds forecast by $153.3M

May 4, 2021 at 11:33 a.m.
The Arkansas flag is shown in this file photo.

With the state's economy bolstered by federal stimulus, state general revenue tax collections in April increased by $260 million, or 37.8% over a year ago to $947.8 million and exceeded the state’s April 2, 2020, forecast by $153.3 million, or 19.3%.

The state’s individual income tax collections last month increased by $104.5 million over a year ago to $470.9 million and exceeded the state’s forecast by $2.3 million. The state’s individual income tax collection deadline last year was extended from April 15 to July 15. This year, the deadline has been extended from April 15 until May 17.

The state’s sales and use tax collections in April increased by $94.3 million over a year ago

to $288.8 million and exceeded the state’s forecast by $81.7 million.

The state’s April 2, 2020, forecast projected a recession spawned by covid-19.

In April, the state’s net general revenues increased by $242.4 million over a year ago to $779.6 million and exceeded the state’s forecast by $166.9 million. April is the 10th month of fiscal year 2021.

Through the first 10 months of fiscal 2021, the state’s net general revenues have increased by $651.7 million over the same period in fiscal 2020 to $5.44 billion and exceeded the state’s forecast by $716.8 billion.

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