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Finance report: Arkansas surplus for year nearing $1B

The Department of Finance and Administration on Wednesday said the state’s net available...
The Department of Finance and Administration on Wednesday said the state’s net available revenue for the fiscal year that began July 1 is $980 million higher than forecast.((Source: ABC/NBC))
Updated: Jun. 2, 2021 at 3:25 PM CDT
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LITTLE ROCK, Ark. (AP) - Arkansas’ surplus for the fiscal year is approaching $1 billion.

The Department of Finance and Administration on Wednesday said the state’s net available revenue for the fiscal year that began July 1 is $980 million higher than forecast.

The department reported a major boost in income and sales tax collections in May.

The surplus has grown as Republican Gov. Asa Hutchinson is pushing for an income tax cut that he wants lawmakers to take up during a special session this fall.

Hutchinson said the latest figures show the state can afford another tax cut.

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