LITTLE ROCK, Ark. — Arkansas ended its fiscal year with a record $1.6 billion budget surplus, state finance officials announced Tuesday as Gov. Asa Hutchinson said he planned to call lawmakers back into session to take up tax relief proposals.
The Arkansas Department of Finance and Administration said the state's net available revenue for the fiscal year that ended June 30 totaled more than $7.4 billion. The state's individual income, corporate income and sales tax collections came in above forecast and above the previous year's numbers.
The last record for a budget surplus in Arkansas was $945.7 million, which the state set at the end of the previous fiscal year.
Hutchinson, a Republican, said he hopes to release later this week dates for a special session. Hutchinson said there's enough “broad consensus" on tax relief for him to set a date, which has now been set for August 8.
“June revenue collection was more than $150 million above forecast, leaving a net surplus for the year in excess of $1.6 billion for the fiscal year," Hutchinson said. "This represents the largest surplus in Arkansas history and demonstrates the state is collecting too much in tax revenue. Our collections are above last year, despite the tax reductions enacted last year. This growth is attributable to the state’s dynamic job creation coming out of the pandemic and increased consumer buying power. Today, I am announcing I will call a special session of the General Assembly to reduce the rate of our tax collection. The special session will be the week of August 8. The specific items on the call in addition to tax relief will be announced at a later time as further discussions are held with the General Assembly.”
Hutchinson said he does not plan on including abortion on the agenda for the session. A state ban on abortion took effect hours after the U.S. Supreme Court overturned Roe v. Wade last month. The ban does not include exemptions for rape or incest, and Hutchinson has said he does not plan on asking lawmakers to add those exceptions.
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