DFA: Arkansas general revenue down 10% from last March but above forecast

Finance

LITTLE ROCK, Ark.- Arkansas’s general revenue for March 2021 was 10% lower than March 2020 but was above what was forecasted.

According to a report released Friday by the Department of Finance and Administration, the collections in March totaled $569.7 million, which is a decrease of $400,000 below last year but $48.5 million, or 9.3% above forecast.

The March net available general revenues totaled $372.9 million. DFA officials noted in the report the “net available revenue results were a mix of better than expected collections in gross revenues and partial catchup in tax returns received and processed with refund claims after delays in the start of accepting efile tax returns by the IRS in February.”

According to the department, delays at the IRS impacted year-to-date individual income tax refunds, March individual income tax collections, individual income tax refunds and corporate income tax refunds.

DFA officials expect additional catchup in return filings and refund processing is expected in April.

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