Allowing RTB receipts to be used to deliver shared ownership homes and First Homes – this applies the new 40 percent cap to these tenures as well as social and affordable rent.for existing and future receipts, for all eligible tenures (see below) and throughout England. Increasing the cap on the cost of a replacement home that can be met from RTB receipts from 30 percent to 40 percent – this covers social and affordable rent homes "across the board", i.e.Requiring yearly rather than quarterly pooling returns and payments – this adds to the benefit of the extra two years by removing the complexity of four rolling deadlines each year.Increasing the time limit for the use of the receipts from three to five years – this covers not just future receipts but existing ones (i.e.Corporate income tax revenue was $40.5 million, up $16.1 million compared with March 2021 and $25.9 million above forecast. Sales and use tax revenue in March was $283.3 million, up 33.2% compared with March 2021 and 23.3% above the forecast. Individual income tax revenue was $312.2 million, up 9% over March 2021 and 34.9% above the budget forecast. Gross revenue in March was $691.5 million, up 21.4% compared with March 2021 and 30.7% above forecast. Motor Vehicle Sales Tax was down 6.8 percent from last year, largely because of the spike in vehicle sales and collections from last March,” John Shelnutt, DFA administrator of economic and tax research, noted in the report.įiscal year-to-date corporate income tax revenue totaled $448.7 million, up $104.3 million compared with the previous fiscal year and 15.9% above the budget forecast. “Major reporting of Sales Tax displayed large gains compared to year ago in part from comparison with the snow week last year and allowance for the one-month lag in vendor reporting.
The sales and use tax has generated $271.5 million of the year-to-date budget surplus. Sales and use tax revenue, an indicator of consumer spending, was $2.335 billion in the first nine months up 13.2% compared with the previous fiscal year and 4.8% over the budget forecast. Individual income tax revenue in the first nine fiscal months was $2.718 billion, up 0.8% from the same period in the previous fiscal year, and 11.4% above the budget estimate. We will closely monitor daily revenue collection throughout April, which is normally our largest month for collection,” DFA Department Secretary Larry Walther noted in a statement.Īrkansas ended fiscal year 2021 (July 2020 – June 2021) with a revenue surplus of $945.7 million thanks in part to the COVID-19 induced shift in a tax filing deadline from June to March that pushed some of fiscal 2020 income tax payments into 2021. Year to date sales tax collection has increased 13.2% from the same period last year.
We are matching and in fact exceeding the stimulus-driven gains made this time last year. “Revenue gains beat the monthly forecast by a wide margin in March in all major categories.
The fiscal year-to-date revenue is $5.898 billion, up 7.6% compared with the same period in 2021 and up 8.4% above forecast, according to Monday’s (April 4) report from the Arkansas Department of Finance and Administration (DFA). Overall gains in tax revenue has boosted the state’s revenue surplus to $456 million. Broad gains in consumer spending helped push Arkansas’ year-to-date (July 2021 to March 2022) tax revenue up 7.6%, with sales tax revenue in March up 33.2% compared with March 2021.
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