The tax shoe drops | Arkansas Blog

The tax shoe drops

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Uh oh. The March revenue report is in and it does not look good.

I'd ask economist John Shellnutt for more info, but he's over at the legislature at this hour, undoubtedly explaining the sharp drop in state income.

Here's the report. The key is the monthly report. Sales taxes -- down. Individual income taxes -- down. Income tax refunds -- up. The net gross revenue in March was down a whopping 12.7 percent compared to the same month a year ago and, also key. 6.3 percent below the forecast. Not going to be a lot of spare change around when this year ends June 30.

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