Missouri revenue collections sink 45% in May

Missouri's net general revenue collections are down 5 percent for the year so far after falling 44.8 percent in May, the state said this morning.

Collections for the year to date are $6.82 billion, compared to $7.18 billion at this time last year, according to a news release. In May, collections were $400.9 million, compared to $726.7 million in May 2008.

Sales and use taxes are down 6.5 percent for the year at $1.71 billion; they fell 21.4 percent in May.

Individual income tax collections are down 1.5 percent for the year at $5.48 billion; they fell 24.4 percent in May.

Corporate income and corporate franchise tax collections are down 13.2 percent for the year at $453.7 million; they fell 41.4 percent in May.

All other collections are up 1 percent for year at $458 million; they increased 21.3 percent in May.

Refunds, meanwhile, are up 7.3 percent for the year at $1.28 billion and increased a whopping 182.1 percent in May. The growth was due to individual income tax refunds being distributed quickly because of the transfer of federal stimulus dollars into the state's general revenue fund, Missouri Budget Director Linda Luebbering said in the release.