Missouri revenue up nearly 5%

For the month, collections were up 7.5 percent to $694.1 million.

Individual income tax collections account for a large portion of the increase; collections year-to-date were up 7.8 percent to $1.11 billion.

Sales and use tax collections continued slow growth; collections were up 1.0 percent for the month, while the year-to-date total is 1.3 percent higher than last year.

Corporate income and franchise tax collections are up 44.9 percent, including a 31.4 percent increase in September.

State Commissioner of Administration Mike Keathley said in a news release that Gov. Blunt is pleased that recent initiatives have led to healthy growth in personal and business income in Missouri, as evidenced by income tax collections, and that moderate increases in consumer activity have occurred.

He added that Blunt is concerned that a weakness in revenue collections stemming from the Gulf hurricanes could develop over the next several months.

This story originally appeared in SBJ’s Oct. 5 e-news Daily Update. Click here to register.