Printer Friendly

State's net revenue in February tops forecast by 8.1 pct.

February net available general revenue reached $210.1 million, up 10.5 percent from the same month last year and 8.1 percent above forecast, according to a report Monday by the state Department of Finance & Administration.

The report said results were driven by a "relative lack of refunds from individual income tax returns received" rather than gains or losses in collections.

In the report, the department said calendar year-to-date returns were still down "significantly" compared with year-ago patterns after Internal Revenue Service delays at the start of the tax filing season in January. Total refunds were below year ago levels by 3 percent in February and 12.2 percent year-to-date.

Meanwhile, sales and use tax collections reached $174.6 million, 5.2 percent higher than the same last year and above forecast by 0.9 percent. The February gain offsets a decline in January, with the two-month average amounting to 2 percent year-over-year growth, according to the report. In all, February tax collections grossed $411.3 million, up 4.5 percent above last year and 0.5 percent above forecast.
COPYRIGHT 2013 Journal Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Economy
Author:Turner, Lance
Publication:Arkansas Business
Date:Mar 11, 2013
Previous Article:Mississippi County panel approves $14.5M for mill.
Next Article:Talks between ABF, Teamsters to continue; existing deal expires March 31.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters