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Wednesday, November 6, 2024

Q3 2023: Arkansas' combined tax revenues down 26.1% since Q2 2023

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Andy Babbitt Arkansas Comptroller at Department of Finance & Administration | Arkansas Department of Finance & Administration

Andy Babbitt Arkansas Comptroller at Department of Finance & Administration | Arkansas Department of Finance & Administration

Arkansas collected $2.9 billion in total tax revenues during the third quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

These tax revenues stem from various sources, including property tax, sales and gross receipts tax, licenses, income tax, and miscellaneous tax.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($1.6 billion) and income taxes ($962 million).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q3 2023 Arkansas Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,646
Income Taxes$962
Property Taxes$122
License Taxes$106
Other Taxes$56

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