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Higher tax collections, lower refunds boosts Arkansas' revenue in March, report says

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LITTLE ROCK, Arkansas — Higher than expected tax collections and a dip in tax refunds paid out helped push Arkansas' revenue in March above forecast and above last year's figures, the state Department of Finance and Administration said.

The department said Arkansas' net available revenue in March totaled $386.5 million, which was $40 million above the same month last year and $43.3 million above forecast. Arkansas' revenue so far for the fiscal year that began July 1 is $78.2 million above forecast.

DFA Director Richard Weiss said the gains offset weak revenue the state had seen earlier this year.

"Just knowing the volatility of the first couple months of the calendar year, it's not too surprising," Weiss told reporters.

Individual income tax collections totaled $246.6 million, which was $27.6 million above March 2013 collections and $22.3 million above forecast. The state paid out $107 million in individual income tax refunds, which was $3.7 million below last year and $10.2 million below forecast.

Sales tax collections totaled $183.1 million, which was $12.6 million above last year and $6.6 million above forecast.

Corporate income tax collections totaled $65.8 million, which was $4 million below last year but $2.8 million above forecast.

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