Arkansas Gov. Asa Hutchinson | Facebook/Asa Hutchinson
Arkansas Gov. Asa Hutchinson | Facebook/Asa Hutchinson
For the past two years, the Arkansas state tax revenue has surpassed projections.
This marks the state's 31st successive month exceeding its revenue estimate.
"Our decision to keep the economy open for business was important for our families and protected worker’s income," Gov. Asa Hutchinson said in a release. “The surplus trend line puts Arkansas in a good position to have another gradual reduction in the income tax rates.”
The net available revenue collection in September totaled $690.5 million which was $162.7 million above the state forecast and an increase of $98.5 million over September 2020, according to a report from the Department of Finance and Administration referenced in the release.
Hutchinson has been a vocal proponent of advocating against statewide stay at home orders and has pointed to data that supported his decision. Hutchinson allowed businesses, along with the economy, to keep running as opposed to New York that had a complete lockdown, CNN reported.
The Arkansas Center for Research in Economics asked that Hutchinson and the legislature cut taxes due to being “in a very competitive tax environment” and “running budget surpluses” in order to continue the economic growth, the Arkansas Democrat Gazette reported.
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