Arkansas finance officials say a drop in corporate tax collections kept the state's revenue below expectations in May.
The Department of Finance and Administration said Monday that the state's net available revenue in May totaled $347.4 million, which is $8.1 million below the same month last year and $9.6 million below forecast. The state's net available revenue for the fiscal year that began on July 1 totaled $4.9 billion, which is $44.2 million above forecast.
The department says corporate income tax collections in May totaled $17.2 million, which is $16.2 million lower than the same month last year and $26 million below forecast. The decline was partly offset by lower than expected corporate tax refunds paid out.
Sales and individual income tax collections were slightly below the forecast in May.