LITTLE ROCK, Ark. (AP) — Arkansas finance officials say the state's revenue has fallen $57 million below forecast this year, with word coming the day after the state's Republican governor signed into law an income tax cut that'll take effect in two years.
The state Department of Finance and Administration on Thursday said the state's net available revenue last month totaled $535.9 million, which was $15.9 million below the same month last year and $47.1 million below forecast. The state's net revenue for the fiscal year that began July 1 totals $3.1 billion.
DFA Director Larry Walther said he's not planning on changing the forecast yet and wants to monitor the next couple months.
Gov. Asa Hutchinson on Wednesday signed into law his $50 million low-income tax cut, which will take effect in 2019.