Arkansas began a new fiscal year in July with total tax revenue of $636.8 million, up 3.4% compared with July 2024, and 5% more than the budget estimate, according to Monday’s (Aug. 4) report from the Arkansas Department of Finance and Administration (DFA).
Sales tax revenue in July was $299.3 million, up 3.2% compared with July 2024, and 0.7% above the budget estimate. Income tax revenue was $259.9 million, up 5% compared with July 2024 and 9.6% above the budget forecast.
“July collections include some shifting of estimated tax payments from June because of the executive orders issued by Governor Sanders to provide relief to Arkansans affected by recent severe weather,” the DFA noted in the report…