Arkansas’ general revenue tax collections in March increased more than $120M

Arkansas – According to officials, Arkansas’ economy saw better-than-expected growth across all major revenue categories last month.

According to March’s revenue report, the state’s general tax revenue collections increased by $121.7 million, or 21.4% over last year, to $691.5 million.

Individual income tax collections topped the state’s forecast by $80.7 million, or 34.9%, totaling $312.2 million in March.

Last month’s economic growth outpaced last year’s stimulus-fueled gains, John Shelnutt, the state’s chief economic forecaster, said.

“It shows surprisingly good growth rates in our key indicators,” John Shelnutt, the state’s chief economic forecaster, said of last month’s revenue report.

March’s revenue report also showed that the year-to-date net available revenue is above forecast by $456 million.