LITTLE ROCK: Arkansas’ revenues for March were down nearly $69 million from a year ago and more than $50 million below forecast, according to a report released Tuesday, a day after the state Legislature approved a nearly $5.5 billion budget for the fiscal year that begins July 1. State finance officials said a change in the due dates for corporate tax filings contributed to the drop in revenue. Net available general revenues in March totaled $345 million, which was down $68.7 million, or 16.6 percent, from a year ago and $50.2 million, or 12.7 percent, below forecast. The state Department of Finance and Administration said a change made to federal law and adopted in state law makes corporate returns and extension payments that previously were due in March now due in April, driving the March revenue numbers down.
Corporate income tax collections last month totaled $27.6 million, which was down $38.4 million from March 2016 and $40 million below forecast. Individual income tax collections in March totaled $240.2 million, which was up $3.8 million, or 1.6 percent, from a year ago and $600,000, or 0.3 percent, below forecast. Sales tax collections last month totaled $193.7 million, which was down $300,000, or 0.1 percent, from March 2016 and $8.9 million, or 4.4 percent, below forecast. For the fiscal year to date, net available general revenues total $3.8 billion, which is down $49.7 million, or 1.3 percent, from a year ago. After the first nine months of the fiscal year that began last July, net available revenues are $65.2 million, or 1.7 percent, below forecast.
