State revenues up in July


LITTLE ROCK — Tax collections in July totaled $410.2 million, pushing net available general revenues $7.6 million or 1.9 percent above budget forecast, according to the state’s monthly revenue report released Friday.

Results in July were mixed as individual income tax collections fell slightly below forecast and corporate income tax and sales tax were slightly above forecast, said Department of Finance and Administration Director Richard Weiss.

“We are right about on it,” Weiss said of the forecast.

Sales tax collections in July totaled $186 million, up $8.8 million or 4.5 percent from last year and above the monthly forecast by $1 million or 0.5 percent.

“That’s good news,” Weiss said, crediting the sales tax increase to more people buying cars.

Individual income tax collections totaled $206 million, down $6.2 million or 2.9 percent from last year and $1.5 million or 0.7 percent below the monthly forecast.

Corporate income tax collections totaled $26.9 million, up $1 million from a year ago and $500,000 or 1.9 percent above the monthly forecast.