LITTLE ROCK, Ark. (AP) - Arkansas finance officials say tax revenues in January beat last year's numbers, despite a drop in sales tax collections.
The Department of Finance and Administration said Monday that the state's net available revenues totaled $516 million in January. That's 12 percent higher than last year and 13.5 percent above what officials had forecasted.
Officials said the bulk of the increases were driven by a 10 percent jump in individual income tax collections as some taxpayers sought to shift their income into tax year 2012 to avoid rate increases this year.
Sales and use taxes were down 1 percent in January, which was 5 percent below expectations. Corporate income tax collections were up 6.7 percent from last year, exceeding the forecast by 2.5 percent.
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