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Tuesday, November 12, 2024

Arkansas' individual income tax revenue up 9.4% as of Q4 2022 compared to Q4 2021

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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 $838 million in individual income taxes during the fourth quarter of 2022, a 9.4% increase over the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the fourth quarter of 2021, $766 million was collected in individual income taxes.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest and income from intangibles.

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 state governments.

Overall, Arkansas collected $3.4 billion in combined tax revenues in the fourth quarter of 2022.

Q4 2022 Arkansas Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$634
Sales and Gross Receipts Taxes$1,582
License Taxes$99
Individual Income Taxes$838
Total Income Taxes$1,011
Other Taxes$64

Source: U.S. Census Bureau

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