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Wednesday, November 6, 2024

Arkansas' combined tax revenues down 26.1% from Q2 to Q3 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

Combined tax revenues in Arkansas decreased 26.1% in the third quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Arkansas collected $2.9 billion in taxes during the third quarter of 2023, compared to $3.9 billion in the previous quarter.

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 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
Source: U.S. Census Bureau

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