With the state fiscal year almost over, general revenues are down about 5% from last year thanks to income tax cuts and natural disasters that delayed the deadline for filing tax returns this year.

After 11 months of the state’s fiscal year, net available revenues are down $245 million, or 4%, from last year . Gross general revenues are down $372 million, or 4.8%, from last year too.

Since 2023, the state Legislature and Gov. Sarah Sanders have enacted a series of tax cuts that lowered the individual income tax rate from 5.1% to 3.9% and the corporate income tax rate from 4.7% to 4.3%. Arkansas Department of Finance and Administration secretary Jim Hudson said in a statement Tuesday that the cuts have contributed to the declining revenue.

The state is also facing a delay in receiv

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