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Arkansas: Individual income tax revenue down 3.3% as of Q3 2023 compared to Q3 2022

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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 $817 million in individual income taxes during the third quarter of 2023, a 3.3% decrease from the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the third quarter of 2022, $845 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 $2.9 billion in combined tax revenues in the third quarter of 2023.

Q3 2023 Arkansas Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$122
Sales and Gross Receipts Taxes$1,646
License Taxes$106
Individual Income Taxes$817
Total Income Taxes$962
Other Taxes$56

Source: U.S. Census Bureau

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