Missouri revenue collections rise nearly 5%

Collections are $5.43 billion, compared to $5.18 billion at this time in fiscal 2007.

Revenue in March was up a modest 0.8 percent to $528.5 million, from $524.5 million in March 2007.

Consumer spending declines led to a 1.5 percent decrease in sales and use tax collections for the year, which were $1.5 billion.

They fell 15 percent for the month.

Individual income tax collections were up 8.4 percent for the year to $4.06 billion and increased 6.9 percent for March.

Corporate income and corporate franchise tax collections increased 3.6 percent for the year to $388.2 million and increased 12.7 percent for the month.

All other collections climbed 6.3 percent for the year to $361.1 million and 11.8 percent for the month.

Refunds grew as well – 9.8 percent for the year to $883.5 million and 7.8 percent for the month.

This story originally appeared in SBJ’s April 4 free e-news Daily Update. Click here to register.