LITTLE ROCK, Ark. (AP) — Arkansas’ surplus for the current fiscal year is approaching $500 million as the state’s tax collections continue beating expectations, state finance officials said Monday.
The Department of Finance and Administration said the state’s net available revenue for the fiscal year, which began July 1, now totals more than $5 billion. That’s $456 million above forecast and more than $390 million above the same time last year.
The state’s net revenue for March totaled $519 million, which was $146 million above the state’s revenue for March 2021 and $138 million above forecast.
The state’s individual income, sales and corporate income tax collections in March were all above the same month last year and above forecast.
Arkansas ended its last fiscal year with a nearly $1 billion surplus. The latest report comes months after Republican Gov. Asa Hutchinson and the state’s GOP legislature approved the largest tax cut in the state’s history.
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