Arkansas Gov. Asa Hutchinson said Tuesday he intends to call a special session of the General Assembly to cut taxes during the second week of August, after state officials reported that state government accumulated a record general revenue surplus of $1.628 billion in fiscal 2022 that ended Thursday.
The state's largest previous general revenue surplus totaled $945.7 million in fiscal 2021 that ended June 30, 2021. Before that, the state's largest general revenue surplus was $409.3 million in fiscal 2007.
Hutchinson said the state's net general revenue collections in June beat the state's forecast by more than $150 million, leaving a net surplus in excess of $1.6 billion in fiscal 2022.
"This represents the largest surplus in Arkansas history and demonstrates the state is collecting too much in tax revenue," the Republican governor said in a news release.