Missouri revenue drops 2% in January

Missouri's net general revenue collections fell nearly 2 percent in January and are down a half-percent for the year to date.

Collections in January were $722.8 million, compared to $736.6 million in January 2008. For the year so far, collections are at $4.44 billion, compared to $4.46 billion at this time last year. The fiscal year ends June 30.

Sales and use tax collections fell 12 percent in January and are down 5 percent for the year, at $1.12 billion.

Individual income tax collections increased 0.8 percent for the month and are up 4.1 percent for the year, at $3.24 billion.

Corporate income and corporate franchise tax collections grew 24.7 percent the month but are down 4.4 percent for the year, at $283.1 million.

All other collections fell 31 percent in December and are down 0.9 percent for the year, at $245.8 million. Refunds dropped 6.6 percent for the month but climbed 19.8 percent for the year, at $445.9 million.

State Budget Director Linda Luebbering said January's collections were impacted by two fewer working days, in addition to effects from the national economic recession, according to a news release.[[In-content Ad]]