Knowledge is Power: Record Tax Collections

Arkansas Fiscal Years run from July 1 to July 1. While the Department of Finance and Administration (DFA) issues monthly revenue reports for the state, the final year-end report at the beginning of July each year gives the full picture of how much tax revenue the state took from the people.

Recently, DFA released their year-end report for Fiscal Year 2018. You can view that report in it’s entirety here: https://www.dfa.arkansas.gov/images/uploads/directorsOffice/generalRevenue201806.pdf

This report shows that Arkansas brought in a record amount of revenue. This means the state brought in more money out of the pocketbooks of Arkansans than ever before because of the high tax rates in this state.

This quiz highlights the FY2018 report and dives into how much the state took in and from what types of taxes the state brought in record revenue.

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* 1. How much did Arkansas state government bring in for gross tax collections for Fiscal Year 2018?

$3.5 billion

$5.8 billion

$6.7 billion

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* 2. How much of a increase did the state of Arkansas bring in for gross tax collections from FY2017 to FY2018?

$1.3 million or 0.1% increase

$55 million or 0.8% increase

$174.7 million or 2.7% increase

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* 3. How much did Arkansas state government bring in from individual income taxes for Fiscal Year 2018?

$1.7 billion

$2.4 billion

$3.4 billion

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* 4. How much of a increase did the state of Arkansas bring in from individual income taxes from FY2017 to FY2018?

$12.3 million or 0.9% increase

$74 million or 2.8% increase

$144 million or 4.5% increase

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* 5. How much did Arkansas state government bring in from corporate income taxes for Fiscal Year 2018?

$213 million

$301 million

$406 million

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* 6. How much of a decrease did the state of Arkansas bring in from corporate income taxes from FY2017 to FY2018?

$3 million or 1.5% decrease

$18 million or 4.8% decrease

$27 million or 6.3% decrease

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* 7. How much did Arkansas state government bring in from sales and use taxes for Fiscal Year 2018?

$954 million

$1.2 billion

$2.4 billion

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* 8. How much of a increase did the state of Arkansas bring in from sales and use taxes from FY2017 to FY2018?

$11 million or 0.3% increase

$58 million or 2.2% increase

$79 million or 3.4% increase

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* 9. Since Arkansas brought in record revenue for FY2018, how much did Arkansas return to the taxpayer?

$27 million

$7 million

Knowledge is Power: Record Tax Collections

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* 1. How much did Arkansas state government bring in for gross tax collections for Fiscal Year 2018?

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* 2. How much of a increase did the state of Arkansas bring in for gross tax collections from FY2017 to FY2018?

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* 3. How much did Arkansas state government bring in from individual income taxes for Fiscal Year 2018?

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* 4. How much of a increase did the state of Arkansas bring in from individual income taxes from FY2017 to FY2018?

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* 5. How much did Arkansas state government bring in from corporate income taxes for Fiscal Year 2018?

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* 6. How much of a decrease did the state of Arkansas bring in from corporate income taxes from FY2017 to FY2018?

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* 7. How much did Arkansas state government bring in from sales and use taxes for Fiscal Year 2018?

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* 8. How much of a increase did the state of Arkansas bring in from sales and use taxes from FY2017 to FY2018?

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* 9. Since Arkansas brought in record revenue for FY2018, how much did Arkansas return to the taxpayer?

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* 10. If you have not already subscribed to receive Conduit for Action emails you can subscribe by entering your email address here.

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* 11. In what town do you live?